Mohammed bin Rashid Innovation Fund for Businesses in UAE

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Mohammed Bin Rashid Innovation Fund

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, launched the Mohammed bin Rashid Innovation Fund, which is worth a total of AED 2 billion to support of the innovation ecosystem and innovators towards creating a positive impact on the UAE’s economy in the future.

Please click here to visit the official website of Mohammed bin Rashid Innovation Fund.

In 2016, an agreement was signed between the MoF and the 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.

Vision

To be one of the world’s most trusted and connected innovation programs that drives true impact and growth.

Eligibility Criteria

Innovative solutions with the potential to contribute to UAE’s economy

Innovators from all sectors with focus on the UAE Innovation Strategy priority sectors

UAE based innovators or those that are looking to build a presence in the UAE

Innovation with strong market commercialization potential

MBRIF Services

In 2016, the Guarantee Scheme was launched, as a crucial tool in the innovators’ journey by facilitating access to finance innovators, at a reasonable cost. It is set to provide a government guarantee as security to commercial banks and financial institutions, as an incentive to encourage the issuance of loans. If an innovator defaults on a loan, the Ministry of Finance would intervene to pay off the outstanding debt on behalf of the innovators.

In 2018, the Innovation Accelerator was launched. The program was established to provide nonfinancial yet fundamental support to innovators. The program’s unique member-centric design and services have a singular focus on innovator excellence, through access to an ecosystem of coaches and industry expert. They are supported on their corporate strategy, business model, access to markets, access to talents, and financial strategy facilitation. Those are with an aim to creating job opportunities and ultimately creating a positive impact on the UAE’s economy.