Mohammed bin Rashid Innovation Fund (MBRIF), an initiative launched by the UAE Ministry of Finance to support nationwide innovation, has partnered with Dubai Silicon Oasis (DSO), the free zone technology park and member of Dubai Integrated Economic Zones Authority (DIEZ), to support emerging technology start-ups in the UAE through Dubai Technology Entrepreneur Campus (Dtec), the largest tech hub and co-working space in the MENA region.
Members of the MBRIF Innovation Accelerator programme will benefit from discounted lease rates, license and processing fee waivers for the first year, and access to all business activities in DSO, allowing them to interact with the region’s largest network of SMEs and technology entrepreneurs from around the world.
Commenting on the announcement, Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance and MBRIF representative, said: “A flourishing entrepreneurial ecosystem can only be achieved when we empower innovation by providing the ideal space, resources, and opportunities for growth. At MBRIF, our aim is to support innovative businesses to grow and make a positive economic and social impact on the communities in the UAE through strategic partnerships and collaborations with public and private entities. Since our members have continuously exceeded expectations and repeatedly demonstrated the power of entrepreneurship in transforming lives, industries, and economies, our partnership with Dtec will provide our members with a stimulating environment where they can network and collaborate with entrepreneurs from around the world and find potential investors to scale-up their operations and continue their growth.”.
Ghanim Al Falasi, Senior Vice President of Technology and Entrepreneurship at DSO, said: “Empowering entrepreneurs and emerging technology startups is crucial to the growth of the innovation-based digital economy. Dubai Silicon Oasis, as a hub for innovation and knowledge in the Dubai Urban Master Plan 2040, has been working since its inception to attract technology companies of various sizes, emerging, small, medium and large. This contributes to enhancing Dubai’s status as a global capital of technology and digitalization, supporting local talents and competencies and enabling owners of innovative and promising ideas. It also supports the objectives of the UAE’s Digital Economy Strategy to double the contribution of the digital economy to the UAE’s gross domestic product.”
Al Falasi added: “This valuable cooperation between DSO and MBRIF extends the advanced capabilities of the Dubai Technology Entrepreneurship Campus (Dtec), the largest center of its kind for technology and co-working spaces in the Middle East, to entrepreneurs and innovators in the technology sectors. This solidifies Dubai’s status as a preferred destination to establish and grow businesses.”
The agreement also includes flexible terms for visa processing and activity lists, with MBRIF members having access to all business activities in DSO rather than just those on the Dtec activity list.
The partnership emphasizes the importance of collaborative efforts to provide opportunities for technology startups to network and collaborate, as well as contribute to the UAE’s National Innovation Strategy and economic growth.
The UAE Ministry of Finance conceptualized and launched MBRIF, a federal initiative. The initiative aims to identify and nurture high-potential innovations both within and outside the UAE. It aims to boost the growth potential of innovative businesses and shape the UAE economy’s future. The MBRIF currently consists of two programs: the Guarantee Scheme and the Innovation Accelerator.
Dtec is the MENA region’s largest tech hub and co-working space, as well as the home base for over 1,054 startups from 75 countries. The campus offers co-working spaces as well as an accelerator hub for businesses and R&D, as well as the opportunity to attend events and learn from local and international experts. It also assists businesses with venture capitalist support, business leasing, licenses and licensing procedures, and institutional bank accounts.
