The Mohammed bin Rashid Innovation Fund in UAE will invest $27 million in 2018
CEO of Emirates Development Bank, Haitham Kamhiyah, stated, “The Mohammed bin Rashid Innovation Fund (MBRIF) plans to provide financial support aggregating AED 100 million (US $27.2 million) for the year 2018,” following MBRIF’s strategy meeting with associates from the Ministry of Finance and members of its Advisory Board.
The MBRIF is an initiative sponsored by the state which was initially brought up and financed by the Ministry of Finance to bring financial support to local innovators in accessing affordable finance through the facility of a guarantee backed by the government. The financial ticket sizes range from AED 1 million ($272,250) to AED 10 million ($2.7 million).
“The fund is in line with the UAE National Innovation Strategy (Vision 2021), with the aim to place UAE among...