MBRIF Awarded Champion Of WSIS 2021 Prizes Under Enabling Environment Category

MBRIF awarded champion of WSIS 2021 prizes under Enabling Environment category

ABU DHABI, (Pakistan Point News - 24th May, 2021) The Ministry of Finance (MoF) recently announced that the Mohammed bin Rashid Innovation Fund (MBRIF), one of MoF's projects that supports innovative companies, was named a champion of the World Summit on the Information Society Prizes 2021 (WSIS) under the Enabling Environment category – in recognition of its efforts to support innovators and enabling an environment of innovation.

Younis Haji Al Khoori, Under-Secretary of MoF, and Fatima Yousef Al-Naqbi, Chief Innovation Officer, MBRIF Representative of MoF, participated in the virtual award ceremony that took place alongside the WSIS for five days from 17th to 21st May, 2021, and was organised by the International Telecommunication Union (ITU). Houlin Zhao, ITU Secretary-General attended the ceremony, along with WSIS participants, representatives from governments, the private sector, civil society, academic entities, and international organisations.

He said, "The selection of the MBRIF as a champion of the Enabling Environment category is a new achievement for the UAE, and is a testament to the country's continuous efforts to improve IT and innovation to serve all vital sectors. This comes within the country’s endeavours to support the quality of life and enhance the UAE’s contributions to achieving the Sustainable Development Goals."

"The Ministry of Finance will continue to support and encourage creativity and innovation by adopting strategies, plans and programmes that support innovation, to enable people to face future challenges and growing requirements. The MBRIF continued to provide the required support to all innovators, especially in light of the COVID-19 pandemic, to enhance their ability to face the repercussions of the crisis, ensure their financial stability, and continue to achieve sustainable economic and financial growth for our nation," Al Khoori added.

In her speech during the award ceremony, Fatima Yousef Al-Naqbi thanked the ITU for choosing the MBRIF as a champion of the Enabling Environment category. She said, "Winning this award is a testimony to MBRIF’s efforts to continuously empower innovative businesses by providing them access to tailored financial and non-financial resources, expert mentorship, networking options and affordable funding."

Al-Naqbi added, "I would also like to take this opportunity to thank, Mohammed Bin Rashid Innovation Fund members, advisory and experts committee and partners for always supporting us, as well as the entire MBRIF team who works constantly and passionately towards achieving the innovation agenda of the UAE."

The MBRIF team participated in the UAE session during the WSIS 2021 to review the MBRIF experience in supporting various innovators from around the world. Al-Naqbi presented a working paper on the Fund’s goals, programmes and its milestone achievements.

Since its launch in 2016, more than 930 applications from 65 countries were submitted to the Fund's Guarantee Scheme and Innovation Accelerator programme. The MBRIF currently has 61 members and backed by specialists from various sectors, several member companies could expand their operations and enhance their revenues. Many of them have won distinguished awards in their business sectors and received financing exceeding AED187 million. The community of the MBRIF members includes a wide range of companies that are diverse in their sectors of business and expertise, and 52 percent of them work in the technology field.