To support advanced technology companies and encourage them to list in the financial markets
Maktoum bin Mohammed launches "Dubai Future District Fund" with one billion dirhams
The launch of the fund comes within the framework of supporting national efforts and strategies aimed at enhancing Dubai's attractiveness as a preferred destination for young talents.
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In implementation of the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, and Chairman of the Supreme Committee for the Development of Capital Markets and Exchanges in Dubai announced Launching the “Dubai Future District Fund” with a value of one billion dirhams in its first phase, with the aim of supporting entrepreneurs and emerging companies in the field of technology, and encouraging them to later list in the Dubai financial markets and stock exchanges, where the fund’s website (futuredistrictfund.com) was launched.
development initiative
The fund is one of the development initiatives announced by the Supreme Committee for the Development of Capital Markets and Exchanges in Dubai, headed by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, and will focus during the coming period on supporting efforts to implement the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum to establish 1,000 digital companies The fund will help stimulate and attract total investments to the emerging companies sector, from 1.5 billion to four billion dirhams.
Supporting the digital economy
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum said: “In implementation of the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, and my brother, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, with the support of the digital economy sector, we launched the Dubai Future District Fund with one billion dirhams to invest in emerging companies. ».
His Highness added, "We aim to implement the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum to establish 1,000 digital companies in Dubai over the next five years, support Dubai's digital economy, projects based on employing future technology, and develop new future economic sectors."
Enhance the attractiveness of the emirate
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum stressed that the launch of the "Dubai District Fund for the Future" comes within the framework of supporting national efforts and strategies aimed at enhancing the emirate's attractiveness as a preferred destination for young talents, global expertise, entrepreneurs, innovators and emerging companies in various sectors, pointing out that « The objective of the fund is to support emerging companies in the technology sector, and encourage successful digital companies to list in Dubai’s financial markets... Mohammed bin Rashid’s future bet is the digital economy.”
fund head
His Highness approved the appointment of Sherif El-Badawy as CEO of the Dubai Future District Fund, to achieve the vision of making it the destination for emerging technology companies in the region and the world to create the future, and to enhance Dubai's attractiveness as a regional and global center for talent and exceptional ideas.
Within his duties as CEO of the Fund, Al-Badawi will supervise the provision of financial support for the innovation system in the “Dubai Future District”, encourage promising projects, and consolidate the importance of the role of regional and global investment capital funds in Dubai, in addition to supervising and coordinating between the various work teams, to implement the strategic objectives of the Fund Dubai district for the future, in the short and long term.
facilities
The Dubai Future District Fund will provide a variety of financing and investment facilities suitable for emerging technology companies in Dubai and the region in order to support their growth and expansion in new markets, invest in local and regional portfolios, attract investment capital funds from around the world, and increase the contribution of future economy companies. In the gross domestic product, providing job opportunities for specialized talents, in addition to supporting private sector and foreign investments in Dubai’s future economy companies.
Emerging Technologies
As part of its strategic plan, the Dubai Future Fund will focus on a variety of emerging technologies that will bring about changes in key sectors of the future economy, such as artificial intelligence, cybersecurity, blockchain, data analytics, and cloud computing. The Internet of Things, augmented reality, “robots” and the fifth generation of communication networks, in order to support innovative ideas and promising projects, and to develop new solutions, products and services from Dubai.
Business Incubators
The "Dubai Future District Fund" will also develop an integrated strategy to invest in a set of initiatives and programs for accelerators and business incubators, which focus on creating the infrastructure and support for emerging and innovative companies in Dubai, including the "Dubai Future Accelerators" and "Vintech Hive", in a manner that enhances The contribution of the entrepreneurship sector to the global competitiveness of Dubai's future economy.
polarization
The fund will also contribute to attracting many regional and international startups, which will provide solutions from Dubai to the region and abroad, and supplement the diversity of the innovative system in Dubai, as the fund will provide them with customized options for financing and investment opportunities and partnership with government agencies, international companies and investment funds.
A favorite destination for entrepreneurs
Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Deputy Managing Director of the Dubai Future Foundation, confirmed that the launch of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum "Dubai Future District Fund" translates the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum , by establishing an incubating and stimulating environment for entrepreneurship and emerging companies in the field of the digital economy, noting that these trends have turned Dubai and the UAE into a preferred destination for entrepreneurs, and have contributed to achieving many success stories for investment funds and companies based on employing future technologies, such as “Careem” and "Moms World", "Souq", "Swvl", and others.
He said, "The Dubai District Future Fund constitutes an important step in the process of consolidating the future economy based on knowledge, innovation and digitization, and supports national strategic initiatives and plans aimed at improving the performance of this sector in the future."
futuristic global center
Hilal Al Marri, Director General of the Department of Economy and Tourism in Dubai, said that the "Dubai District Fund for the Future" is an important step in the Emirate of Dubai's march to become the future global center for entrepreneurship, and to accelerate the strategic goals of developing the new economy, ahead of most other countries in the world. After the Covid-19 pandemic.
Al-Marri added that providing capital to emerging companies and fast-growing companies, within the innovation and technology system, allows Dubai to attract the best talent, and also reflects Dubai's confidence in its exceptional capabilities and advantages to attract the international investor community.
Deputy Ruler of Dubai:
• "Mohammed bin Rashid's future bet is the digital economy."
• "Our goal is to implement the vision and directives of Mohammed bin Rashid to establish 1,000 digital companies in Dubai within 5 years."
• The fund provides a range of financing and investment facilities suitable for emerging technology companies.
• The fund helps attract investments for emerging companies ranging between 1.5 billion and 4 billion dirhams.
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