Dubai, September 24, 2023 (WAM) – The collaborative initiative known as “Future100,” led by the Ministry of Economy and the Government Development and the Future Office, has announced 25 strategic partnerships aimed at supporting the top 100 emerging companies crucial for enhancing the UAE’s future economy sectors.
The signing ceremony for these partnerships was graced by the presence of prominent figures, including 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).
This significant collaboration signals a significant step toward achieving the objectives of the Future100 initiative. These objectives include bolstering readiness for the future, establishing the UAE as a hub for new economy companies, creating an enabling environment for enterprise growth, and expanding opportunities for both local and global development.
The newly formed partnerships offer an array of incentives and resources for the benefit of emerging companies. These include the prospect of investment in companies that make it onto the Future100 list, support for accelerating innovation and digital transformation, technical and legal assistance, competitive financing solutions, and workshops addressing intellectual property rights and trademark protection.
Notably, Microsoft for Startup Founders Hub will provide advanced artificial intelligence services and expert guidance to foster innovation and sustainable growth among start-ups.
Abdullah bin Touq Al Marri stated, “The UAE has made significant strides in transitioning to a resilient, innovative, and sustainable new economic model, in line with our wise leadership’s directives and economic policies. The ‘Future100’ initiative, launched last year, is a vital initiative supporting the expansion of new economic sectors in the country.”
He added, “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.”
The initiative aims to create a dynamic and competitive economy, elevating the UAE’s status regionally and globally. It will contribute to the growth of businesses operating in the UAE, supporting the national goal of doubling the UAE’s GDP to reach AED 3 trillion by 2031.
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, commented on the partnership with Future 100, highlighting the goal to fast-track qualified companies into MBRIF’s Accelerator Programme. This platform provides essential tools, resources, and support for scaling and growth, including mentorship, training, networking opportunities, and access to funding.
Ohood bint Khalfan Al Roumi emphasized that the Future100 initiative aligns with the ‘We the UAE 2031’ vision, focusing on building a dynamic and competitive economy. She emphasized that the initiative enhances the UAE’s preparedness for the future across emerging sectors and supports proactive approaches to stay aligned with future trends and global transformations.
Furthermore, the initiative serves as an incubator for the economy of the future, offering promising opportunities for companies in these emerging sectors.
The strategic partnerships encompass a diverse range of organizations, including the National CSR Fund (Majra), and accelerators 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 include 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 include Entrepreneur Middle East.
The Future 100 initiative underscores the UAE’s commitment to sustainability, social responsibility, the future economy, and sustainable development. It also aligns with the UAE’s Year of Sustainability, emphasizing the active engagement of small and medium-sized enterprises in shaping a sustainable future.
Abdulla Qassem, Group Chief Operating Officer, Emirates NBD, expressed delight in supporting the Future 100 initiative as an Acceleration Partner. He noted the bank’s dedication to fostering the growth of promising SMEs within the UAE and nurturing the overall SME ecosystem, which plays a crucial role in driving the national economy’s growth.
Sharif El-Badawi, CEO Dubai Future District Fund, echoed excitement about the collaboration with the Future 100 initiative. He highlighted their shared goal of discovering and developing the next generation of tech innovators in transformative sectors.
The Future100 initiative represents a significant commitment to emerging economic sectors crucial for defining the UAE’s future economy. It celebrates the growth and contributions of the private sector, recognizing its pivotal role in the country’s development journey. Annually, the initiative showcases the top 100 emerging companies, further enhancing the competitiveness of the country’s future economic domains.