Shaikh Mohammed attending the 'Young Innovators' workshop for schoolchildren in Dubai on Monday. - Wam
Dubai - Shaikh Mohammed's inauguration of the fund's e-platform came during a visit to the opening day of the ministry of finance's Innovation Festival.
Published: Mon 21 Nov 2016, 5:40 PM
Updated: Tue 22 Nov 2016, 1:01 AM
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Monday officially inaugurated the operational phase of the Shaikh Mohammed bin Rashid Al Maktoum Fund to Finance Innovation.
Shaikh Mohammed's inauguration of the fund's e-platform came during a visit to the opening day of the ministry of finance's Innovation Festival, during which he stressed the importance of long-term investment in UAE innovators, who are a key pillar of the future work and efforts of the government to embed the culture of innovation in society.
"Innovation is a way of life," Shaikh Mohammed said.
He said that in order to support innovation, there must be effective cooperation and participation between society and the public and private sectors, which is also essential for the development and growth of various sectors.
He stressed the importance of long-term investment in innovation and enabling UAE innovators to turn their ideas into unique projects that benefit the people.
Speaking at the event, Younis Haji Al Khouri, undersecretary of the ministry of finance, noted that the fund "will provide much-needed support for innovation in the UAE through facilitating the requirements of projects and reducing the financial risks".
"The fund will also provide a number of services designed to accelerate the process of driving innovation, support innovative entrepreneurs in developing their business locally and internationally and increase their chances of receiving the technical support and the required financing in cooperation with the public and private sectors," he added.
Al Khouri also remarked that the UAE needs "to promote the values of innovation amongst our society".
Government entities and the private sector have to cooperate and work on strengthening the innovative culture among members of our community as well as enhance our approach to it," he said.
"The UAE Innovation Week represents an important platform to research different practical ideas and encourage creative ideas, which will change our societies for the better."
bernd@khaleejtimes.com
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