Sheikh Mohammed bin Rashid Al Maktoum of Dubai has initiated a push to authorities to invest one billion dirhams ($275 million USD) into financial technology and blockchain acceleration within the country. The ambitious project aims to get Bitcoin and blockchain startups together to advance RD in Dubai by paying for flights and accommodation and support from the accelerator program.
Also read: Dubai Establishes Gov’t Backed ‘Blockchain Council’
Dubai To Accelerate Blockchain And Financial Technology
The news coming from the leader of Dubai and fellow colleagues marks a major step towards the country’s interest in blockchain technology and cryptocurrency solutions. The funding of 1 billion dirhams will bolster Dubai’s Future Accelerators project that aims to enhance local, regional and globally-emerging businesses.
Sheikh, along with the Prime Minister of Dubai, believe these efforts will strengthen an ongoing platform dedicated to the framework of global cooperation in the field of innovation.
Sheikh’s announcement details:
Under the directives of our leadership, we look forward to a new phase in the development of our national economy. Dubai Future Accelerators aims to continue the nascent investment culture in the region, providing investors the opportunity to diversify their portfolios in innovation-led fields in a way that contributes to the greater public good.
Dubai’s Future Accelerators program will fly top companies and entrepreneurs from around the world to test solutions and prototypes. The event will be a twelve-week workshop starting September 12. Seven challenges are included in the event, with tasks including: a transportation prototype that reduces CO2 emissions, a tracking platform for Dubai law enforcement, an environmental application, a healthcare initiative, an academic protocol, a real-estate solution, and a water and electricity project.
The accelerator also has an open call for projects that may not fit the criteria listed. Innovators are encouraged to get in touch with the organizers and send them proposals. Selected applicants will be announced on August 15 with hopes that participants will “address the world’s most pressing challenges and opportunities.”
The accelerator stresses the program is “not an incubator,” and they will not tell people how to run a business or develop products. It aims to progress innovative frameworks and pair the creators with entrepreneurs and influential partners within Dubai.
The Crown Prince of Dubai and Chairman of the Dubai Future Foundation stated in the announcement:
This will be an important and strategic contribution to the regional investment market, attracting the world’s best start-ups and companies to compete for new opportunities that make a positive difference in the world.
Dubai has been steadfast towards providing a testing ground for financial technology and blockchain solutions. In addition to these sectors, Dubai seeks to improve science and technology in general, including robotics, artificial intelligence, 3D printing, biomimicry, and biotechnology.
The Sheikh’s push for innovation shows that Dubai’s government officials want to keep progress going inside the country, already known for being a technological haven. The twelve-week workshop should provide innovators enough time to compose and draft breaking new technology that reshapes traditional systems today.
What do you think about Dubai moving towards harnessing the blockchain and fintech movement? Let us know in the comments below.
Images courtesy of SheikhMohammed.ae, Pixabay.