AED 2 billion fund launched to finance innovation projects

A new AED 2 billion fund has been launched in the UAE to finance innovative and commercially viable projects. The 'Mohammed bin Rashid Innovation Fund' aims to help entrepreneurs turn their ideas into reality by improving access to loans. It’s managed by the Ministry of Finance, in collaboration with local banks, investment funds, family businesses and other funding entities. Eligible applicants are required to register their project as intellectual property and the venture must be at an early stage. Priority will go to renewable energy, transport, education, health, technology, water and space sectors. The fund’s pilot phase will be operational in the first half of 2016.