Mohammed bin Rashid Innovation Fund for Businesses in UAE

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Mohammed Bin Rashid Innovation Fund

Making the UAE a leader in innovation

In a Federal Government initiative represented by the Ministry of Finance (MoF), His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has launched the Sheikh Mohammed bin Rashid Al Maktoum Fund to Finance Innovation, which is worth a total of AED 2 billion.

The fund supports resident individuals and companies (of all sizes) registered in the UAE, provided that they offer unique and innovative ideas. These ideas can be technological solutions, products, services or processes. Eligible applicants need to have registered their project as intellectual property of the respective individual or company, and the initial stage of the project must already be established.
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In 2016, an agreement was signed between MoF and Emirates Development Bank (EDB) to host and operate the Mohammed bin Rashid Innovation Fund through EDB. The aim of the agreement is to activate the fund’s role in supporting the UAE’s transition to a knowledge-based economy, thus achieving prosperity and sustainability for the country. In addition, MoF also signed an agreement with the National Bank of Ras Al Khaimah (RAKBANK) to provide the necessary guarantees to innovative entrepreneurs, in order to facilitate access to business loans to finance their projects, and help turn their ideas from concept to realisation.

Vision

To facilitate innovation activities through targeted financial risk mitigation and business development tools aimed at sustainable growth.

Goals

Bridge the financing gap across innovation projects

Commercially accelerate the UAE’s innovative products and services in regional and international markets

Promote the UAE’s reputation and footprint on the international innovation scene

Improve the UAE’s economic competitiveness and expand its national growth potential

Stimulate Public-Private collaboration in innovation

Support the National Innovation Strategy, and achieve the UAE’s developmental vision to be amongst the 10 most innovative countries internationally by 2021

Funding Conditions

The project idea must be unique and innovative, whether a technical project, process, product or service that is registered as the intellectual property of its respective owner, and the initial stage of the project must already have been established.

Applicants must be a resident, individual or a company registered in the UAE. Applying is not restricted to Emirati companies but also includes all companies in the region, provided that they are registered in the UAE.

Applicant must introduce a long-term business development plan supported by a feasibility study in order to qualify the project and acquire the appropriate funding

Sectors of the National Innovation Strategy

The fund will focus on financing projects within the seven major sectors of the National Innovation Strategy, namely:

Renewable Energy

Boosting innovation in the industries related to renewable and clean energy, in addition to promoting applied research in the field of clean technology, and establishing a new system based on decentralised power generation.

Transportation

Stimulating innovation in transport, services and logistics to provide new products and services, as well as enhancing procedural efficiency, and shortening transportation times from east to west, and north to south. The strategy also focuses on innovation in the field of vehicles and drones.

Education

Inspiring innovative thought in education by providing students with skills such as critical thinking, problem solving, creativity, perseverance, and the ability to adapt, in addition to creating labs for innovation in schools and universities to encourage invention.

Health

Encouraging innovation in the provision of healthcare services and treatments using advanced technology, and encouraging the development of pharmaceutical industries and biotechnology, in addition to working with strategic partners to develop the medical research sector in order to treat disease.

Water

Galvanising innovation in the creation of solutions targeted at addressing water scarcity in the region, overcoming the obstacles presented by the dry, arid deserts and the hot climate which makes the management of water hugely challenging.

Technology

Sparking the application of innovation in the research and technology sector, for studies, proposals and projects that contribute to the UAE’s vision of becoming a technologically advanced state providing the latest solutions for the benefit of its people.

Space

Exploring space and technology development in the field Communication, satellite and transport research Space technology for civilian uses, from Through specialized institutions in order to reach the space sector To become one of the new sectors in the national economy.

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The Mohammed bin
Rashid Innovation Fund

Igniting innovation, providing financial backing
to the next generation of pioneers