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The Mohammed bin Rashid Innovation Fund, MBRIF, an AED2 billion operated by the Emirates Development Bank, EDB, today hosted its strategy meeting with partners from the Ministry of Finance and members of its Advisory Board. The yearly strategy meeting was hosted on the sidelines of Finovate 2018, a part of UAE Innovation Month, to agree on MBRIF’s strategy and future investment commitments.
Haitham Kamhiyah, CEO of Emirates Development Bank, the Operator of Mohammed bin Rashid Innovation Fund announced that MBRIF is currently evaluating a plan to disburse AED22 million amongst shortlisted innovative companies in the UAE in the next quarter.
"The MBRIF is aligned to the UAE’s National Innovation Strategy and we are committed to solving funding challenges entrepreneurs face around the world. Together with our partners in the Ministry of Finance and our world-class Advisory Board, we are reviewing a solid pipeline of applications, and will look to announce new investments in the next quarter up to AED22 million. We continue to work with entrepreneurs to create a flourishing innovation ecosystem in the UAE," said Kamhiyah.
In 2017, MBRIF announced a AED2 million ($540,000) investment in InternsME, a UAE based platform to connect interns with career opportunities.
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