Masdar City and the Mohammed bin Rashid Innovation Fund have granted complimentary business licences for the free zone to five start-ups through the MBRIF Accelerator programme.
The companies will join Masdar City’s growing network of sustainability-focused companies, developing solutions in the key climate action areas of energy storage, AgriTech, HealthTech, mobility, clean energy, AI, water and space, MBRIF said in a statement on Wednesday.
“With this partnership, MBRIF highlights its position as a unique government-backed initiative that aims to support innovative businesses to grow and make a positive economic, sustainable and social impact in the UAE and internationally by providing them with the platform to succeed,” the UAE Ministry of Finance said.
The MBRIF Accelerator, which was launched in 2018, is aligned with the UAE National Innovation Strategy and aims to enhance the growth potential of innovative businesses. The programme offers services and coaching to member companies to accelerate business and achieve scale.
The UAE aims to become home to 20 start-ups valued at more than $1 billion by 2031 in its push to become a regional centre for innovation and entrepreneurship.
Last year, the country launched the Entrepreneurial Nation initiative, which aims to offer support through a series of public-private partnerships that help entrepreneurs to set up operations in the Emirate, expand their businesses, export products and tap into online sales.
The members of the MBRIF programme will “add to the critical work being done by the many other innovative companies based here, such as those under the Catalyst, the region’s first accelerator for sustainability-focused start-ups”, said Ahmed Baghoum, executive director at Masdar City.
“By actively supporting businesses such as these, we can also prepare the way for the UAE’s hosting of Cop28 in 2023 and continue to actively contribute to the UAE’s Net Zero by 2050 Strategic Initiative,” said Mr Baghoum.
Masdar City currently hosts 1,000 businesses including the International Renewable Energy Agency, the UAE Space Agency, Siemens, G42 Healthcare and the Mohamed bin Zayed University of Artificial Intelligence.