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About the Ministry/MOF initiatives/Mohammed bin Rashid Innovation Fund for Businesses in UAE

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.
Please click here to visit the Mohammed Bin Rashid Innovation Fund website

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