Dubai launches $270m 'Future Fund' to shape growth

Ruler Sheikh Mohammed approves fund which is part of broader strategy to become 'smart' city
Dubai launches $270m 'Future Fund' to shape growth
Sheikh Mohammed Bin Rashid al-Maktoum, Vice President of the UAE and Ruler of Dubai.
By Staff writer
Mon 25 Apr 2016 01:54 PM

Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai, has approved a strategy to invest in a ‘Future Agenda’ for the emirate, according to state news agency WAM.

As part of a strategy to help shape the future of Dubai, Sheikh Mohammed launched an AED1 billion ($270 million) ‘Future Endowment Fund’ to invest in innovation, and a ‘Future Cities’ programme to develop sectors deemed crucial in helping Dubai to become a ‘smart’ city, including energy, transport and infrastructure.

More than 20 separate initiatives will be implemented over the coming years to improve the way Dubai functions as a city, WAM said.

“Shaping the future is no longer a theoretical concept but a key factor for countries to achieve competitiveness in the global arena,” Sheikh Mohammed said.

“[This] is not a new concept for Dubai. The city has achieved significant experience in aviation, trade, financial services and technology.

“The future is not built on possibilities and numbers, but on clarity of vision, planning, action and implementation. Science and technology are changing the world at an accelerating pace, and the choice is to either play the role of influencers or be confined to the position of the influenced.”

The Dubai Future Foundation, set up in 2015, will be responsible for implementing the strategy by coordinating action by public and private sector bodies.

Since its inception last August, the foundation has forged partnerships with organisations such as Unesco, the Mohammed bin Rashid Space Centre, the Shenzhen Foundation for International Cooperation and General Electric. It has also established the World Federation of Future Sports.

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