Dubai has revealed plans to invest Dhs 1bn ($272.2m) in projects and companies that take part in its Future Accelerators programme with the aim of encouraging research and development in key sectors including 3D printing, biotechnology and robotics.
The programme, launched last month, includes seven future challenges to be addressed by companies and entrepreneurs with a focus on identifying and deploying futuristic prototypes city-wide.
It aims to encourage technological development in robotics, artificial intelligence, 3D printing, genomics, biomimicry, and biotechnology with the backing of Dubai government entities.
“The investment serves to boost the programme and increase the attractiveness of its projects and emerging companies locally, regionally and globally, and to leverage the investment opportunities that will come out of the programme, which is expected to be a major market for venture capital and an important venue for the world to invest in innovation,” said Dubai Holding chairman and managing director of the Dubai Future Foundation Mohammed Al Gergawi.
“Dubai Future Accelerators also aims to instill a new investment culture in the region, and provide an opportunity for investors to diversify their portfolios in new innovation-led field, on top of the traditional sectors, such as banks and real estate.”
Governance, technical details and the criteria for investment of the programme will be announced soon, according to state news agency WAM.
The launch of the Dubai Future Accelerators initiative is part of the emirate’s plan to become an innovation centre.
In May, the emirate opened the world’s first 3D printed office.