A new initiative has been launched that aims to prepare the UAE for the post-oil era.
‘Our Future’ will focus on developing the culture of innovation in the country and ensuring a competitive, investment-conducive environment.
The initiative will support the establishment of local start-ups, and be implemented in three phases.
In the first one, innovators will be encouraged to come up with bold ideas, with a fund of AED 30 million to be distributed to support research.
The second phase – “Commercialisation” – will then help to incubate concepts, through the establishment of innovation centres that will offer a range of support.
A platform to connect the innovators with investors will then be created in the third and final “Growth” phase, with the ultimate aim being that these start-ups can be transformed into global companies that’ll generate significant economic returns to the Emirates.