Mohammed Bin Rashid Innovation Fund joins UAE National Incubator Network as founding member
Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative launched by the UAE Ministry of Finance to support innovation in the UAE, has joined as a founding member of the UAE National Incubator Network, a transformative initiative by Sandooq Al Watan, aimed at nurturing and accelerating the growth of startups across the United Arab Emirates.
MBRIF joined the network by signing a Memorandum of Understanding (MoU) with Sandooq Al Watan, the philanthropic organisation that encourages the participation of UAE Nationals in the private, social and creative sectors of the economy.
The MoU, signed with the aim of achieving fruitful and constructive cooperation in economic and development fields, underscores the mutual commitment of both parties to enhance national identity, promote innovation, and empower Emiratis in the private sector. Additionally, the partnership will focus on investment in community projects that benefit society and the economy, reinforcing the commitment to social responsibility and community development.
The MoU also aims to develop frameworks of understanding between the two parties through the exchange of experiences in mutually beneficial fields. This includes sharing knowledge, successful practices, and valuable experiences to promote community development and achieve sustainable development at the national and economic levels.
Commenting on the MoU, H.E. Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, and Chairman of the Board of Directors of Sandooq Al Watan, said:
“Since its inception, Sandooq Al Watan, with the support and patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, has been a community-driven initiative involving committed Emirati investors. The fund is dedicated to enhancing the capabilities of Emirati men and women, enabling them to excel in the private sector and entrepreneurship, and supporting Emirati researchers in specialized scientific and academic endeavors. Additionally, it focuses on promoting innovation and creativity, playing a pivotal role in strengthening the national identity among the youth of the nation.”
H.E. Sheikh Nahyan underscored Sandooq Al Watan’s unwavering commitment to collaborate with both governmental and private institutions and individuals to achieve these objectives, thereby supporting the future of Emirati citizens and furthering the UAE’s trajectory in alignment with the visionary leadership.
He further added: “The signing of the MoU between Sandooq Al Watan and MBRIF represents a significant milestone in realizing Sandooq Al Watan’s strategic objectives.
This strategy prioritizes fostering fruitful and constructive cooperation in economic and developmental spheres, enhancing national identity, promoting innovation, and empowering citizens, particularly the youth, in the private sector while investing in community-centric projects. This collaboration aims to exchange experiences, share knowledge, successful practices, and valuable insights to bolster community development and achieve sustainable progress at both national and economic levels.”
H.E. Sheikh Nahyan concluded by expressing his endorsement of such cooperative endeavors in defining the scope of collaboration and the anticipated commitments from the founding members of the UAE National Incubator Network launched by Sandooq Al Watan in collaboration with all relevant incubators and institutions that empower the youth. He expressed hope that this memorandum signifies the commencement of a journey dedicated to supporting and nurturing the creative and innovative ideas of the nation’s youth.
H.E. Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, said: “MBRIF’s partnership with Sandooq Al Watan, a pioneering organization that shares our vision for fostering innovation and entrepreneurship in the UAE, underscores our collective commitment to empowering Emiratis and driving economic diversification through innovation. Together, we will provide critical support and resources to enable aspiring entrepreneurs to realize their full potential and contribute to the continued growth and prosperity of the UAE.”
This MoU is poised to revolutionize the landscape of innovation and entrepreneurship in the UAE. With a shared commitment to fostering innovation and empowering Emiratis, it aims to address key socio-economic challenges and promote sustainable development across the nation.
This strategic partnership builds on MBRIF’s track record of fostering innovation and entrepreneurship in the UAE. As MBRIF continues to champion the growth of innovative enterprises, partnerships like these will play a crucial role in driving economic diversification and sustainable development in the UAE.
