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Mohammed Bin Rashid launches first fund to finance innovation worth 2 billion dirhams
Launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, today, “Sheikh Mohammed bin Rashid Al Maktoum fund to finance innovation” $ 2 billion dirhams aimed at providing financing solutions for innovators from different sectors and levels in the UAE United Arab, and support in transforming their ideas and creations to innovative projects that will support the national strategy for innovation and achieving the Vision 2021 development.
And aimed at the “Sheikh Mohammed bin Rashid Al Maktoum fund to finance innovation”, which is a federal government initiatives represented by the Ministry of Finance, to improve and enhance funding opportunities in the field of innovation, through the provision of funding for entrepreneurs innovators at a reasonable cost, and provide them with the necessary safeguards, to facilitate their access to commercial loans to finance their projects. The Fund also will contribute to the establishment of a supportive environment for innovation in collaboration with various financial institutions and funding agencies in the state such as commercial banks and investment funds, family, and other financial entities and companies.
The announcement of the establishment of the Sheikh Mohammed bin Rashid Al Maktoum fund to finance innovation through the “Financing Innovation Conference .. and innovation in funding,” which was organized by the Ministry of Finance today, Tuesday, November 24, 2015 m in the Sofitel Hotel Downtown in the Emirate of Dubai, in the presence of His Highness Sheikh Hamdan bin Rashid Al Maktoum, Minister of Finance, HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, and a number of ministers and His Excellency HE general managers of the bodies and institutions of federal and local in the state. He also participated by the Ministry of Finance also HE Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, Excellencies assistant undersecretaries and directors of departments and staff.
This included the conference, which coincides organized with the participation of the Ministry of Finance in the activities of the UAE Week for innovation, holding two Anagachetin on the subject of financing innovation .. and innovation in financing, and the role of governments in creating the innovation environment, Odarhma Dr. Andreas Klazn Professor of Law and Economics at the Offenburg University in Germany and a member International Advisory Board of the policy and the Executive Committee, Germany. He has participated in these workshops HE Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, and Dr. Martin Hernknki founder and chairman Hernknki company, a leader in tunneling technology, and winning numerous awards in the field of entrepreneurship.
He also participated in the discussions by Mr. Jan Palit head of the structuring and financing of projects in the Airbus Group in France, and one of the participants in Sharia-compliant, which was created in collaboration with the Islamic Development Bank in the field of aircraft leasing fund, and Mr. Craig Moore, founder and CEO of the company Beehive, Default first online market for lending between individuals, and the founder of Batervla Software company which benefited from IBM.
And project finance Innovation Fund, HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs: “line of this pioneering initiative with the vision and guidance of our wise leadership to consolidate the innovation approach in achieving sustainable development, and its ambitious goals to raise the rating of the United Arab Emirates to be in the ranks of states of the 10 most innovation at the international level by the year 2021. targeting the UAE represented by the Ministry of Finance to establish a “Sheikh Mohammed bin Rashid Al Maktoum fund to finance innovation” to provide an incubator for innovation and national environment, provide support to entrepreneurs of innovators, through the provision of the necessary funding for the establishment, management and development of their projects innovative. ”
He added HE Obaid Humaid Al Tayer said: “The Ministry of Finance will manage the fund and supervision through a comprehensive program that works to provide financing solutions to the creators and innovators in the UAE and their support in achieving the growth and innovation, particularly within the seven major sectors of the national strategy for innovation. He pointed out that this fund is one of the largest and most important is the direct financing instruments in the region, is expected to play a vital role in supporting the growth and development of the UAE economy and strengthen the country’s position on the regional and global levels. ”
The minister concluded by saying: “We are confident that this fund to achieve its objectives is to facilitate the arrival of innovators to appropriate financing solutions at a reasonable cost, and we look forward in the Ministry of Finance to support the fund through the provision of financial and non-financial services that enhance the work mechanism, and improve its performance in line with the ministry’s goals The Government’s efforts to encourage and support innovation. ”
Will be the head needed to fund capital infusion in order to create new ways and means to finance innovative projects through commercial banks and other financial institutions in accordance with the conditions and criteria specific to this type of financing and lending are announced during the Emirates a week for innovation in the Ministry of Finance platforms in malls state such as Yas Mall of the Emirate of Abu Dhabi and Mirdif City Centre in Dubai. It will also be at a later time to provide all the documents and information needed to deliver on requests for funding procedures.
The fund will provide support to individuals and companies resident or registered in the state of all sizes, providing a unique and innovative ideas, whether techniques, processes or products or unique services that may be recorded as the property intellectual of the individual or the company, to be these ideas have exceeded the basic development phase. Fund will receive and support all projects with priority given to projects that contribute to the development of the seven major sectors identified in the national strategy for innovation which include renewable energy, transport, health, education and technology, water and space sectors. The applicants must provide funding sustainable business plans for their projects qualify for appropriate funding.
The design stages of the operation of the Fund, so that the pilot was launched during the first half of 2016 with the participation of individuals and companies from different sectors, to be followed by the full launch of the Fund’s operations and run during the second half of 2016.
It will fund the management study and evaluate funding requests and discuss them with experts in the sectors concerned in order to determine their effectiveness and feasibility, as well as compliance with the standards of the fund set out in terms of the nature of the innovative ideas and commercial aspects associated with the transfer of these ideas into successful projects, and will be charged a small fee, is determined by a case by case All applications submitted.
The announcement comes on the Fund’s establishment based on specialized studies prepared by the Ministry of Finance for the very best international practices in the context of the financing of innovation projects and the ingredients for success key for the establishment and management of similar funds, in order to achieve the highest level of benefit from this pioneering initiative designed to play a pivotal role in supporting entrepreneurial innovation at various levels, and support the future development process in accordance with the national strategy and future plans ambitious for the UAE government.Viewing:-205
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