The Mohammed bin Rashid Innovation Fund, an initiative by the UAE’s Ministry of Finance, will support 24 new businesses as they expand their operations and enter new markets.
The companies were selected as part of the fund’s accelerator programme that seeks to foster innovation in the country, state news agency Wam reported on Tuesday.
"We are pleased to welcome the new cohort into our accelerator programme and look forward to supporting them in their entrepreneurial journey by equipping them with the tools they require to take their innovations to the next level,” said Fatima Al Naqbi, Ministry of Finance representative for the fund.
The UAE, the Arab world’s second-largest economy, has focused on supporting start-ups and aims to increase their contribution to the country’s economy.
Abu Dhabi started Hub71 in 2019 to assist start-ups in the country’s capital while Dubai will host a key conference next year in a bid to attract more venture capitalists to fund start-ups in the emirate and boost its digital economy.
The new cohort, the largest so far, was selected from more than 150 applications. Thirteen of the businesses selected are based in the UAE while 11 are from different countries but have a presence in the UAE, according to the report.
The Mohammed bin Rashid Innovation Fund was set up by the Ministry of Finance in 2015. Since then, it has supported innovators through the Guarantee Scheme – its first programme – which is operated by the Emirates Development Bank.
Its second programme, the MBRIF Accelerator, which began in 2018, aims to boost the growth potential of innovative businesses shaping the future of the UAE’s economy.
Of the new members, 50 per cent are at the growth stage, 25 per cent at the market entry stage and 25 per cent at the prototype stage, the report said.
They represent different sectors including education, health, renewable and clean energy, technology, transport and water.
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
Du Football Champions
The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.
