Undersecretary of the Ministry of Finance, Younis Haji al-Khury, said, “The Mohammed Bin Rashid Innovation Fund has received 575 applications from 53 countries around the world.” He explained that the fund’s capital amounts to two billion dirhams, as it does not provide direct financing, but through financing guarantees.
Yesterday, the Ministry of Finance launched the activities of the first day of its program for the month of Emirates Innovation 2020, under the slogan "Finance innovates 2020", which takes place over two days at the Union Museum in Dubai.
“Over the past 10 years, the UAE has become, thanks to the insightful vision of its rational leadership, which foresees and manufactures the future, a pioneer in change at the world level, and a global center for attracting and nurturing talents, competencies and creative minds, to build a generation of innovators, capable of facing the challenges of the future,” Khoury said. And simulating economies that depend on knowledge and innovation, stressing that the Expo 2020 will be another testament to the firm desire of the UAE to strive towards creativity and innovation.
He said: “The Ministry of Finance is keen to continue working and launch several initiatives aimed at advancing innovation and creativity in all fields, to achieve the vision of the UAE government that directed the intensification of efforts and reviewing government policies, with a view to creating a stimulating environment for innovation, bringing the UAE to first places globally, And puts it among the most innovative governments in the world by 2021. ”
He added, in statements to reporters, that the Ministry of Finance adopted innovation as an approach and made it an integral part of every practice, process and service, and was keen to provide a fostering and stimulating environment for innovation, by launching initiatives, strategies and programs that would entrench and spread the culture of innovation in the UAE, stressing that it is continuing In the innovation approach and embracing its future and strategic plans, it employs innovation to support sustainable growth, with the aim of contributing to the achievement of government plans and strategies.
He pointed out that the first batch of the Mohammed bin Rashid Innovation Fund projects, which graduated yesterday, amounted to 22 people from eight countries, who were trained on work governance and how to manage and develop financial competencies, pointing to the efforts of an independent committee to consider how to develop those projects to be implemented inside the state.
The number of members of the Mohammed bin Rashid Innovation Fund amounts to 43 members and 37 specialized experts, as 18 members were able to obtain financing for their projects worth 61 million dirhams, while the value of the guarantees provided was 15 million dirhams.