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Mohammad Bin Rashid Innovation Fund announces first disbursement

The Mohammad Bin Rashid Innovation Fund, MBRIF, a Dh2 billion UAE Federal Government initiative led by the Ministry of Finance, announced yesterday the first disbursement, awarding InternsME.com, the Middle East’s leading internship job portal, as the first recipient. The MBRIF mission is to act as a catalyst for the UAE’s National Innovation Strategy, which recognises innovation as a cornerstone of social and economic development. The fund focuses on innovating regional and global companies in seven major sectors — renewable and clean energy, transportation, education, technology, health care, space and water — but also considers companies from other business sectors that can contribute constructively to the country’s social and economic progress.

The disbursement to InternsME.com was announced at a ceremony attended by Younis Haji Al Khoori, Under-Secretary at the UAE Ministry of Finance, and top officials from the Ministry of Finance, MBRIF, RAK Bank, Emirates Development Bank, and InternsME.com. RakBank serves as the lead lender for this deal while Emirates Development Bank is the Funds operator and host.

“With this first disbursement, we are demonstrating our commitment to the youth in the UAE. Creating employment opportunities through internships not only improves the nation’s economy but also gives fresh graduates and university students an opportunity to be part of the workforce and contribute positively to the UAE,” Al Khoori said.

Diversification

While anchored in the UAE, MBRIF aspires for a global reach to finance innovative companies around the world and attract them to the UAE to support the diversification of the country’s economy and position the UAE as the global hub for innovation. The fund supports selected companies in accessing affordable finance through the provision of a government-backed guarantee.

MBRIF is open to companies that are already operational and beyond the ideation stage, both globally and in the UAE. Eligible applicants are invited to register their project as intellectual property of the respective individual or company, and the initial stage of the project must already be established. The applications are then reviewed by a world-class advisory committee, with experts who are themselves innovators and pioneers in their fields.

Source: Gulf News

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