Dubai has planned to allocate 120 million AED ($32m) for 19 companies out if 30 who are taking actively part in Future Accelerator Projects hosted by the Government and Dubai Future Foundation.
The projects are expected to generate 135 opportunities or more jobs in Dubai within three months. This pilot project is focused on major sectors of strategies including health, education, infrastructure, technology, transport, security and energy.
The managing director and vice chairman of Dubai Future Foundation, His Excellency Mohammed Abdullah Al Gergawi has announced that 5 new private and government entities including Dubai Smart City, Department of Economic Development, Foreigners Affairs, and General Directorate of Residency would be the part of second round of DFA. The first session will be a huge success and brought about scientific and innovative value with 19 companies, His highness Sheikh Mohammed bin Rashid Al Maktoum is determined and instructed agencies to actively participate in DFA.
The private sector to improve the economic and experimenting future will be involved to create a positive difference in everyday lives of people in Dubai.
It was just a creative idea that has now a great focus of world renowned international sectors and global innovators.
Among those selected companies 14 international organizations are now opening their head quarters in Dubai. If you are a private company establishing their set up in the UAE, second round will be a pleasant experience as private sector is also allowed to take part along with government entities. This is a government initiated program that was actually created to find out the innovative solution for 21st century on all over the city scale. There are many key problems including health, policing, education, transport, business and many more where DFA proposes the outcomes and solutions. Creative and amazing technologies such as Artificial Intelligence, genomics, robotics, blockchain, distributed ledgers, biomimcry or any other, the DFA are welcoming global companies all over the world for pilot projects in futuristic program.
Businesses will be promoted with the access to 2 million dollars capital/month for three months to pitch projects and their development. They will not tell companies to how to run their operations or extend their development instead they will show their potential to business reform to resolve city wide issues through DFA.
About 64% success has been achieved by the first round of DFA which was not anticipated at the time of inception. It has already increased the investment and expenditure on research and development with remarkable 6% within three months. This has proved the Dubai to be an innovation led entity with boosting economy and faced humongous increased competitiveness and transition in emirates. The investment is big and with the market growing everyday filled with expats and skilled personnel, private and public sector will flourish.
The foremost global platform which can turn the future in to a flourishing reality. An ideal and utmost destination to make innovative ideas in to projects that are tangible and will create a significant impact on the society and economy. Aiming to promote better lives for people living in this era and for the upcoming generation, the second round of DFA is tentative to begin in first quarter of 2017. Applications are open.