Masdar City and the Mohamed Bin Rashid Innovation Fund (MBRIF) today announced a strategic partnership designed to cultivate entrepreneurship and economic development in the UAE and internationally.
The initiative between Masdar City, a sustainability pioneer and research and development hub, and MBRIF, an initiative launched by the UAE Ministry of Finance to support innovation in the UAE, will expand the supporting innovative SMEs, while sharing industry knowledge and collaborating to develop the entrepreneurship ecosystem at home and abroad.
An additional pillar of the partnership will also see the MBRIF Guarantee Program and Innovation Accelerator, supporting Masdar City’s SME development efforts.
Abdulla Balalaa, Executive Director of Masdar City, said: “Innovation is the cornerstone of business development and growth, with the UAE further cementing its position as a global hub for the growth of ideas and innovative offerings that propel solutions into unprecedented times. cash. Our partnership with the Mohamed Bin Rashid Innovation Fund is another – and extremely valuable – step on this growth path. Our goal is not only to cultivate entrepreneurship and economic development in the UAE and beyond, but also to stimulate and advance it through the immense talent emerging from the region. These are exciting times ahead and we look forward to the opportunities Masdar City and the Mohamed Bin Rashid Innovation Fund can work on together.
For her part, Fatima Al Naqbi, representative of the MBRIF Ministry of Finance, said, “Since our inception, we have made significant progress in building the entrepreneurial ecosystem and growing various sectors in the UAE. We look forward to working closely with Masdar City in extending our support to innovative SMEs and taking this partnership even further.
Shaker Zainal, Head of the Mohammed bin Rashid Innovation Fund, said, “The MBRIF and Masdar City are like-minded partners, underpinned by a common vision to nurture and promote innovation and entrepreneurship in the UAE. and beyond. With this new collaboration, we jointly seek to help local, regional and global businesses by giving them greater access to resources, funding and mentorship to succeed in the UAE, through our unique platform.
The new agreement is part of ongoing efforts to build a strong business ecosystem and harness the UAE’s spirit of innovation by attracting and developing companies of the future brimming with new ideas and technologies. MBRIF’s partnership with Masdar City will include development efforts from post-ideation to scale, as well as provide domain knowledge and expertise on financing issues to entrepreneurs interested in the guarantee program. Both entities may also use each other’s human expertise, facilities and technology to the extent possible.