The Dubai Future District Fund announced the allocation of 200 million dirhams, equivalent to 20% of its total financing of one billion dirhams, to support entrepreneurship in developing climate technology, in conjunction with the conclusion of the activities of the Conference of the Parties (COP28), which was hosted by the United Arab Emirates in Expo City Dubai.
Through this initiative, the “Dubai Future District Fund”, which was announced by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, aims to launch in 2021, with joint support from the Dubai International Financial Center and the Dubai Future Foundation, To support the achievement of the UAE’s comprehensive strategic vision for economic diversification and contribute to building a sustainable future.
The main sectors that will be supported under this initiative include climate technology, food and agriculture, building materials, logistics technology, and other relevant sectors, in line with the role of the Dubai Future District Fund, by strengthening the investment system in Dubai, supporting sustainable financing, and innovation on a global scale.
Khalfan Juma Belhoul, CEO of the Dubai Future Foundation and Chairman of the Board of Directors of the Dubai Future District Fund, said: “The announcement of the Dubai Future District Fund to allocate up to 200 million dirhams to support sustainable technology projects embodies the importance of continuing to strengthen the venture capital system in Dubai, to include… Sustainability sectors. The Dubai Future District Fund’s operations focus on the future of finance and future economies, areas that we believe are important in accelerating the global agenda for sustainability and innovation.”
Belhoul added: “We are working in cooperation with the Dubai International Financial Center to make the most of our resources, expertise and partnerships, to stimulate growth in these pivotal areas. Together, we are committed to developing an integrated system in which innovation flourishes and through which sustainable finance becomes the cornerstone of our economy.”
For his part, CEO of the Dubai International Financial Center Authority and member of the Board of Directors of the Dubai Future District Fund, Arif Amiri, said: “Allocating up to 20% of the Dubai Future District Fund, which is worth one billion dirhams, confirms our keenness to stimulate growth and support technology projects.” and innovation focused on sustainability.
He added: “Our cooperation with the Dubai Future Foundation embodies our shared keenness to enhance the future of finance and innovation. This initiative is in line with our strategy and efforts to empower leading technology companies that provide innovative solutions aimed at facing pressing global challenges.”
Sherif Al Badawi, CEO of the Dubai Future District Fund, said: “This initiative embodies our firm commitment to supporting climate investments, our focus on the future of food, the future of logistics, and reshaping the investment capital landscape in Dubai. “By focusing resources and combining efforts and expertise, we aim to enhance our collective impact, stimulate growth, and establish a successful system for innovation and sustainable financing.”
. The Fund allocated 20% of its total financing of one billion dirhams to support the initiative.
2023-12-14 19:00:00
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