Saturday 25 June 2022 - 2:38:36 am

Mohammed Bin Rashid Innovation Fund deepens entrepreneurial ties at Expo 2020 Dubai


DUBAI, 30th March, 2022 (WAM) -- The Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative launched by the UAE Ministry of Finance to support innovation in the UAE, established stronger ties with entrepreneurs and investors during UAE Innovates 2022 at Expo 2020 Dubai.

Senior figures from the Fund met with potential entrepreneurs and innovators to explore closer investment opportunities across technology, transportation, education, health, water, renewable energy, and space. It provided an opportunity for innovation-minded talent to seek closer collaboration with MBRIF.

During the session, the MBRIF team spoke extensively about MBRIF’s Guarantee Scheme and Innovation Accelerator programme and highlighted key milestones and success stories.

Fatima Al Naqbi, Chief Innovation Officer at Ministry of Finance and MBRIF representative said, "After hosting a number of activities for UAE Innovates 2022, the greatest show on Earth did not disappoint, providing a platform for us to deepen ties with investors, innovators, entrepreneurs, and emerging talents. We are pleased to support innovators through our Guarantee Scheme and Innovation Accelerator, offering access to funding as well as world-class services and coaching to member companies to accelerate their business, elevate capabilities, unlock value and achieve scale at speed."

UAE Innovates 2022 is one of the world’s largest innovation festivals and took place from 11th-16th February with a series of events and activities that saw a consolidated effort by the government, private sector and individuals to enhance a widespread culture of innovation in the UAE. It took place after the UAE was named the world’s best place to start a new business, ranking first in the Global Entrepreneurship Index, outperforming major economies such as the US, UK, Japan, Canada, South Korea and some EU countries.

Expo 2020 Dubai witnessed several events under the UAE Innovates 2022 umbrella, including new programmes, specialised workshops, and interactive sessions to promote the country’s transition to a knowledge-driven economy. MBRIF was an active player, meeting investors and innovators to promote its Fund Guarantee Scheme and the Innovation Accelerator.

MBRIF’s Innovation Accelerator aims to enhance growth potential of innovative businesses shaping the future of the UAE’s economy. Some of its recent success stories include LetsWork, a co-working space startup that makes it easier for people to find spaces in the UAE.

MBRIF’s Guarantee Scheme enables access to affordable debt finance with unique benefits, including no dilution of equity, extended runway, minimal collateral requirements, affordable finance costs and flexible repayment terms.

WAM/Lina ibrahim/MOHD AAMIR