Connect with us

News

Dubai Establishes $272 Million Future District Fund To Attract Tech Companies

Digital companies relocating to Dubai’s Future District get to enjoy a number of benefits, including access to a large pool of entrepreneurial talent and hyper-connected infrastructure.

Published

3 years ago

on

dubai establishes $272 million future district fund to attract tech companies
Dubai Future District

To establish 1,000 digital companies in the Dubai Future District (DFD) over the next five years, Dubai has recently launched a AED 1 billion fund ($272.3 million), called the Dubai Future District Fund, encouraging companies to list in the Dubai Financial Markets and stock exchange.

The fund is an initiative of the Dubai Securities and Exchange Higher Committee, and it reflects the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai.

“The Dubai Future District Fund supports national efforts and strategies aimed at enabling entrepreneurs to reach new horizons, realize Dubai’s aspirations for the new economy, and contribute to enhancing the emirate’s status as a preferred destination for investment environment and exceptional facilities,” stated Sheikh Maktoum bin Mohammed Deputy Ruler, Dubai Deputy Prime Minister Minister of Finance.

One half of the fund is dedicated to investments into venture capital funds with a local focus, while the other half is supposed to support startups directly or through Future District affiliated programs.

Also Read: Oracle Opens A New Cloud Region In Abu Dhabi

Digital companies that decide to base their operations in the Dubai Future District get to enjoy a number of benefits, including access to a large pool of entrepreneurial talent and hyper-connected infrastructure. Dubai has also very recently demonstrated its ability to quickly react to rapidly changing conditions when it became one of the first cities in the world to recover from the pandemic and reopen its economy.

All this makes it a very attractive place for startups and venture capital, and the UAE Centennial 2071 plan, whose goal is nothing less than to make the UAE the best country in the world by 2071, only reaffirms Dubai’s ongoing commitment to serve as a global hub for business.

Related Topics:
Advertisement

📢 Get Exclusive Monthly Articles, Updates & Tech Tips Right In Your Inbox!

JOIN 17K+ SUBSCRIBERS

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

Published

5 days ago

on

December 17, 2024

By

uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

Continue Reading

#Trending