Dubai Holding to invest $272m in tech developments
Dubai Future Foundation and Dubai Holding plans to invest $272m (AED1bn) over five years to advance research and development, and entrepreneurship
The UAE plans to invest $272m (AED1bn) for projects and companies taking part in Dubai Future Accelerators, a new technology innovation programme.
Dubai Future Foundation and Dubai Holding will both invest $272m (AED1bn) into the programme over the course of five years, WAM reported.
The Dubai Future Accelerators programme was launched under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to advance research and development, and entrepreneurship in different sectors in the UAE, including education, health diagnosis, sustainable buildings, and mobility.
The investment also includes working on exploring robotics, artificial intelligence, 3D printing, genomics, biomimicry, and biotechnology.
Mohammed Al Gergawi, managing director of Dubai Future Foundation and chairman of Dubai Holding, said: “The investment serves to boost the programme and increase the attractiveness of its projects and emerging companies locally, regionally and globally, and to leverage the investment opportunities that will come out of the programme, which is expected to be a major market for venture capital and an important venue for the world to invest in innovation.
"Under the directives of the leadership, we look forward to a new phase in the development of our national economy, one based on creating opportunities for innovation and future technology as key sources of income. Dubai Future Accelerators also aims to instil a new investment culture in the region, and provide an opportunity for investors to diversify their portfolios in new innovation-led field, on top of the traditional sectors, such as banks and real estate."
Dubai Future Foundation and Dubai Holding will work with Dubai Health Authority, Dubai Roads and Transport Authority (RTA), Dubai Knowledge and Human Development Authority, Dubai Electricity and Water Authority, and Dubai Municipality.