Fostering Creativity And Innovation by Dr. Rashid Alleem - HTML preview

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MOHAMMED BIN RASHID INNOVATION FUND

The Mohammed bin Rashid Innovation Fund is a federally sponsored initiative conceived and sponsored by the Ministry of Finance UAE to support local innovators in accessing affordable finance through the provision of a government-backed guarantee. The Fund works with local innovators to facilitate innovation activities through targeted financial risk mitigation and business development tools aimed at sustainable growth. The targeted vision of the Innovation Fund is to:

• 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.

The Fund’s holdings of $544 million USD was announced in November 2015 during the UAE’s inaugural Innovation Week, which sought to showcase a variety of innovative initiatives across federal and local levels of government and within the private sector.

The Fund will act on behalf of the UAE government to provide a guarantee as security to a financier as an incentive to encourage the issuance of a loan and to reduce collateral required from the applicant. It is the path to making the UAE a leader in innovation and improving the quality of life for people in the UAE and the world.

I feel fortunate enough to be a citizen of this great country, working under great authentic leadership, which promotes innovation in almost every possible area to create a better tomorrow for all.