By Yasmine Saleh
The Dubai Future Accelerators initiative aims to come up with innovative new products and business solutions.
The recently launched Dubai Future Accelerators (DFA) programme will have a legislative role in helping to develop new rules and regulations which will support the business environment and help companies operate more efficiently, a senior official told reporters at a press conference on Wednesday.
We are in a position to talk to the Department of Economic Development, the Ministry of Economy and other parties because at the end of the day we are serving one objective: we want to make innovation, accelerate innovation and also accelerate the future, and without looking at the regulations and building the right environment, it would not happen, CEO Saif Al Aleeli said when asked if the DFA would have a role in the developing of legislation.
The DFA was inaugurated by Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai on Monday.
Working over a 12 week period, it aims to bring companies and entrepreneurs together with government entities to come up with innovative new products and business solutions. Around $1billion has been set aside to fund the new initiative over the next five years.
This model is new to governments in general, this is the first time a government sits directly with an innovative company that could be among the fortune 500 companies or a startup company made by a group of people who are trying to have an impact on the world, Al Aleeli said.
We are here providing an environment for changes that would matter to people in areas of telecom, transportation, energy and others, Al Aleeli told reporters after the press conference.
Out of a total of 2,200 companies from 73 different countries who applied to be part of programme, 30 were selected as partners to work with DFA. Al Aleeli said more details about the companies selected and prospective projects will be announced soon.
Zawya 2016
