• Start-ups selected based on credentials in addressing some of the most pressing sustainability challenges
  • MBRIF and Masdar City partnership aims to inspire innovation through research and collaboration in support of the UAE’s National Innovation Strategy

Abu Dhabi, United Arab Emirates: The Mohammed Bin Rashid Innovation Fund [MBRIF], an initiative launched by the UAE Ministry of Finance to support nationwide innovation, and Masdar City, Abu Dhabi’s only planned and approved R&D cluster, have announced the award of complimentary business licenses from Masdar City Free Zone to five start-ups in the MBRIF Accelerator program.

Selected based on their sustainability credentials, the chosen start-ups, Biosolvit, Wahaj Solar, Alesca Life, ECOLOO and Desolenator, will join Masdar City’s growing network of sustainability-focused companies, developing innovative solutions in the key climate action areas of energy storage, agri-tech, health-tech, mobility, clean energy, AI, water, and space.

Commenting on the partnership, a statement shared by the Ministry of Finance said, “We are delighted that five MBRIF members have been selected to become part of Masdar City Free Zone. This will further enable their contribution to the UAE’s developing innovation ecosystem. With this partnership, MBRIF highlights its position as a unique government-backed initiative that aims to support innovative businesses to grow and make a positive economic, sustainable and social impact in the UAE and internationally, by providing them with the platform to succeed.”

The MBRIF Accelerator aims to enhance growth potential of innovative businesses shaping the future of UAE’s economy with a focus on technology, education, health, water, clean energy, transport, and space. The program offers world-class services and coaching to member companies to accelerate their business, elevate capabilities, unlock value, and achieve scale.

Ahmed Baghoum, Executive Director, Masdar City said, “At Masdar City, we recognize that innovation is the key to progress and partnerships with likeminded entities such as the Mohammed Bin Rashid Innovation Fund, support this progress. By bringing these MBRIF Accelerator members into Masdar City Free Zone’s dynamic business ecosystem, they will add to the critical work being done by the many other innovative companies based here, such as those under the Catalyst, the region’s first accelerator for sustainability-focused start-ups. By actively supporting businesses such as these we can also prepare the way for the UAE’s hosting of COP28 in 2023 and continue to actively contribute to the UAE’s Net Zero by 2050 Strategic Initiative.”

Masdar City and MBRIF signed a Memorandum of Understanding (MOU) during Abu Dhabi Sustainability Week 2022, to cultivate entrepreneurship and economic development in the UAE and at an international level.

Masdar City is already home to more than 1,000 businesses, encompassing a variety of organizations - from multinationals and SMEs to homegrown start-ups - committed to advancing the sustainability agenda and spearheading the innovations to realize greener, more sustainable urban living. These include, among others, the International Renewable Energy Agency (IRENA), the UAE Space Agency, Siemens, G42 Healthcare, the Advanced Technology Research Council (ATRC) and its two pillar entities, Technology Innovation Institute (TII) and ASPIRE, Tabreed, Honeywell, and the world's first university dedicated to artificial intelligence, the Mohamed bin Zayed University of Artificial Intelligence.

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About the MBRIF:

The Mohammed bin Rashid Innovation Fund (MBRIF) is a federal initiative launched by the Ministry of Finance and is operated by Emirates Development Bank. Since its launch in 2016, the MBRIF has supported innovators through its first program, the Guarantee Scheme, which offers members access to affordable funding through a government-backed guarantee and without taking equity.

The MBRIF’s second program, the MBRIF Accelerator, was launched in December 2018. Aligned with the UAE National Innovation Strategy, the initiative aims to enhance growth potential of innovative businesses shaping the future of UAE’s economy. The MBRIF Accelerator offers world-class services and coaching to member companies to accelerate their business, elevate capabilities, unlock value and achieve scale.

Additionally, the MBRIF partners with the public and private sector to help facilitate growth, provide support, create opportunities and pave the way to success for its member companies in the UAE. For more information, please visit: https://www.mbrif.ae/

For press enquiries, please contact:
Haitham Hasan
Weber Shandwick
Email: shhasan@webershandwick.com
Areen Alfahel
Weber Shandwick
Email: aalfahel@webershandwick.com

About Masdar City

Masdar City in Abu Dhabi is one of the world’s most sustainable developments. It is a working model for cities around the world in environmental, economic, and social sustainability, and continues to push the boundaries of innovation. The City hosts Abu Dhabi’s only planned and approved R&D cluster; Masdar City Free Zone, which is a growing hub for sustainability-focused innovative businesses; and a residential neighborhood with restaurants, shops, sporting facilities, and public green spaces. Masdar City is home to companies dedicated to developing innovations across the sectors of renewables, space, energy storage, artificial intelligence, agriculture, health, and mobility. These include the headquarters of the International Renewable Energy Agency (IRENA), the UAE Space Agency, the regional headquarters of Siemens Energy, G42 Healthcare, the Advanced Technology Research Council, several Fortune 500 companies, hundreds of entrepreneurs, a start-up accelerator program via The Catalyst, and the world's first university dedicated to artificial intelligence: the Mohamed bin Zayed University of Artificial Intelligence. Masdar City has also pioneered two generations of autonomous vehicles and continues to extend the frontiers of alternative and sustainable transport.

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