Dubai Future Foundation has partnered with US software firm Autodesk to set up a $100m investment fund that will provide financing for entrepreneurs and start-ups in the 3D printing space in the region.
Under the deal, the Foundation will identify suitable investment channels in the region for Autodesk’s $100m Spark investment fund.
Autodesk be in charge of evaluating innovation in the regional 3D printing sector.
The investments will focus on businesses relying on 3D printing in their operations, by developing the technology, increasing innovation in the sector and incubating 3D printing start-ups in the region, a statement said.
Entrepreneurs and businesses in the sector will also be provided access to Spark’s marketing and software development capabilities.
The agreement is hoped to accelerate the establishment of a regional 3D printing market, which will see the creation of products catering to sectors such as manufacturing, construction and medical and consumer goods.
Mohammed Al Gergawi, vice chairman and managing director of Dubai Future Foundation, said: “3D printing technology will revolutionise the economic sectors that most affect people’s lives. This includes construction, medical equipment and supplies and even consumer products. 3D printing technology has taken centre stage in the global market, drawing attention from all major tech companies and R&D centres around the world, as they work to expedite its introduction into traditional markets, in addition to establishing exciting new markets.”
UAE Vice President and and Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, recently launched the Dubai 3D Printing Strategy, as part of which the emirate seeks to ensure that 25 per cent of buildings in the city are based on 3D printing technology by 2030.
The initiative is hoped to make the Dubai and the UAE an international hub for the sector and also drive the growth of the global 3D printing market, expected to be worth $300bn by 2030.
Last month, Dubai Electricity and Water Authority (DEWA) also announced that it had awarded a contract to design and construct the UAE’s first building to be fully printed on-site and the first 3D printed laboratory in the world.