DUBAI, (Pakistan Point News - 24th Sep, 2023) "Future100," a collaborative initiative between the Ministry of Economy and the Government Development and the Future Office, has forged 25 strategic partnerships.
These partnerships are aimed at supporting the top 100 emerging companies that play a vital role in bolstering the competitiveness of the UAE’s future economy sectors.
The signing of these partnership agreements was attended by Abdullah bin Touq Al Marri, Minister of Economy, Ohood bint Khalfan Al Roumi, Minister of State for Government Development and the Future, and Hessa bint Essa Buhumaid Director-General of Community Development Authority and board Member of National CSR Fund (Majra).
The signing was also attended by Abdullah Al Saleh, Undersecretary of the Ministry of Economy, and Rashed Abdulkarim Al Blooshi Undersecretary of the Abu Dhabi Department of Economic Development.
The inaugural list of Future100 will be unveiled on World Futures Day, which coincides with December 2nd, the UAE's National Day.
These newly established partnerships are poised to achieve the initiative’s objectives, including enhancing readiness for the future, solidifying the UAE's status as a hub for new economy companies, creating a conducive environment for the growth and prosperity of these enterprises, and expanding opportunities for their local and global development.
The partnerships bring with them a host of incentives and resources. These include the possibility of investing in companies that make it to the Future100 list, support for accelerating innovation and digital transformation, technical and legal assistance, competitive financing solutions, and workshops on intellectual property rights and trademark protection.
Additionally, microsoft for Startup Founders Hub will offer cutting-edge artificial intelligence services and expert guidance to foster innovation and sustainable growth among start-ups.
Bin Touq said: “In line with the directives of our wise leadership and the initiatives and economic policies adopted, the UAE has made significant strides in transitioning to a resilient, innovative, and sustainable new economic model. Launched last year, the ‘Future 100’ initiative is one of the most important initiatives supporting the country’s efforts to expand the new economic sectors and encourage companies to invest in them. Each year, the initiative highlights the top 100 UAE-based future enterprises that have contributed to promoting future economy sectors’ competitiveness in the country.”
“Today marks a key milestone in our journey towards developing this initiative. We have established new partnerships to support startups’ readiness to expand and invest in new economic sectors. This will help establish the UAE as a global hub for the new economy, in light of the objectives of the ‘We the UAE 2031’ vision. Through this initiative, the Ministry of Economy and the Government Development and the Future Office continue to work to create more opportunities and support capabilities to enhance the country’s competitiveness in the future sectors,” he added.
The Minister of Economy pointed out that the initiative aims to establish a more dynamic and attractive economy that stands out at the regional and global levels. It will drive the number of companies operating in the UAE, supporting the achievement of the national economic goals aimed at doubling the UAE’s GDP to reach AED 3 trillion by 2031.
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs said:
“MBRIF aims to create a thriving ecosystem for innovation and entrepreneurship in the UAE and beyond. Our partnership with Future 100 is an opportunity to support the country’s brightest future entrepreneurial stars. Through this partnership, our goal is to fast-track a number of qualified companies into MBRIF’s customised Accelerator Programme, which attracts hundreds of applications from around the world. The six-month platform provides founders with the necessary tools, resources, and support to scale and grow. This includes mentorship, training, networking opportunities, and access to funding.”
Ohood bint Khalfan Al Roumi, Minister of State for Government Development and the Future, affirmed that the Future100 initiative aligns with 'We the UAE 2031' vision, which aims to build the most dynamic and competitive economy.
She underscored that this initiative not only enhances the UAE's preparedness for the future across emerging sectors but also fosters a proactive approach to stay in sync with future trends and rapid global transformations.
Al Roumi further highlighted how the initiative serves as an incubator for the economy of the future, offering promising opportunities for companies in these emerging sectors.
She added: "We extend a warm welcome to an esteemed group of national and international partners that have joined the Future100 initiative. The expertise and high-quality services offered by our partners will be a highly added value to this initiative, solidifying the UAE's position as a global hub for the new economy. It will also serve as a magnet for the finest entrepreneurial projects, start-ups, and future-driven entrepreneurs. With a robust regulatory framework and modern infrastructure in place, this initiative marks another stride towards fortifying the business ecosystem in the country. It introduces new incentives for creative ideas, innovative minds, and emerging companies, empowering entrepreneurs to establish future-oriented enterprises and propel them onto the global stage."
The strategic partnerships encompass a diverse range of organisations, including the National CSR Fund (Majra), and accelerators category such as the Abu Dhabi Department of Economic Development, Emirates NBD, Dubai Future District Fund, Mohammed bin Rashid Innovation Fund, Microsoft, Careem, and FTI Consulting. The community partners category includes entities like Sharjah Research, Technology and Innovation Park, Dubai Technology Entrepreneur Campus, Ajman Chamber, Ras Al Khaimah Economic Zone (RAKEZ), Sharjah Entrepreneurship Center (Sheraa), Abu Dhabi Business Platform, Mashreq Bank, Sandooq Al Watan, Khalifa Fund, middle East VC Association (MEVCA), VentureSouq, Astrolabs, Flat6Labs, North Star, and the Greenhouse - Chalhoub Group, The Media Partners includes Entrepreneur Middle East.
As part of the UAE's commitment to establishing a global presence in the realms of sustainability, social responsibility, the future economy, and sustainable development, Nuha Al Harmoudi, the Director of the National CSR Fund, has been dedicated to advancing these principles across both government and other sectors throughout the country. Concurrently with the UAE's celebration of the Year of Sustainability, there will be a particular emphasis on the active engagement of small and medium-sized enterprises in shaping a sustainable future. This emphasis will be underscored by the concrete actions taken by the Fund in collaboration with its partners to identify promising small and medium-sized businesses and facilitate their growth in a structured and deliberate manner through the "Future 100" enterprises initiative.
Abdulla Qassem, Group Chief Operating Officer, Emirates NBD, said:
“We are delighted to lend our support as Acceleration Partner to a significant national initiative such as the Future 100. As a leading local bank, Emirates NBD has a strong history of championing the UAE’s SME sector. Our partnership with the Future 100 initiative aligns perfectly with our shared goal of fostering the growth of promising SMEs within the UAE and nurturing the overall SME ecosystem. SMEs play a crucial role in driving the growth of the national economy and we are delighted to be a part of an initiative that celebrates their entrepreneurial endeavours and acknowledges their contribution to shaping the future of the UAE.”
Sharif El-Badawi, CEO Dubai Future District Fund said: “We're thrilled about our collaboration with the Future 100 initiative by the UAE Ministry of Economy and Government Development and the Future Office, aiming to nurture 100 pioneering startups in sectors that will define the UAE's future economy. This partnership underscores our aspiration to discover and develop the next generation of tech innovators in transformative sectors, highlighting our mission to uncover the future's technology innovators”.
The initiative supports emerging economic sectors that are poised to define the UAE’s future economy. This includes the dynamic start-up sector within the country, whose growth and amplified contribution to the national economy stand as paramount goals on the UAE government's agenda. Additionally, the initiative celebrates the accomplishments of the private sector, recognising its pivotal role in the country’s development journey. Yearly, it spotlights the top 100 emerging companies that significantly bolster the competitiveness of the country's future economic domains.
