The Mohammed Bin Rashid Innovation Fund (MBRIF), a Ministry of Finance (MoF) initiative launched to support innovation by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has announced a new partnership with the European Bank for Reconstruction and Development (EBRD) Star Venture program. The agreement will promote smooth referrals to the MBRIF Accelerator program for EBRD-supported start-ups by leveraging the complementing capabilities of the two organisations.
The strategic alliance opens a fast-track avenue for innovative businesses to establish and flourish in the UAE market whilst assisting the MBRIF’s members in expanding into emerging markets in Europe. The partnership was unveiled at Expand North Star 2023, the world’s largest exhibition for start-ups and investors, held at Dubai Harbour. The EBRD brought over 40 innovative start-ups from its regions to the event to explore new opportunities in the UAE, as per zawya.
For her part, Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance and the Ministry’s representative at MBRIF, said: “The new partnership accelerates the growth of promising startups, and opens the door to global expansion for a new generation of entrepreneurs in the UAE. It also facilitates forging into new markets for those wishing to come from Europe to explore growth opportunities from the UAE, which has become a regional business hub and a gateway into regional markets.”
The MBRIF Accelerator was founded in 2018 to provide world-class services and coaching to innovative firms in the UAE looking to accelerate their company, elevate capabilities, unlock value, and reach scale.