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Tue 2 Aug 2016 01:43 PM

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Dubai says to invest $275m in new tech innovation initiative

Dubai Future Accelerators aims to advance innovation in strategically important sectors across the UAE

Dubai says to invest $275m in new tech innovation initiative
3D printing is one area in which Dubai is aiming to become a world leader.

Dubai announced on Tuesday that AED1 billion ($275 million) is set to be invested over 5 years in projects and companies taking part in a new technology innovation programme.

Dubai Future Accelerators was launched last month by the Dubai Government and Dubai Holding designed to advance innovation in strategically important sectors across the UAE.

The programme encourages participants to propose innovative solutions for seven "future challenges" common to governments around the world, including healthcare, transportation, renewable energy, sustainability, education, security, and urban planning.

It seeks solutions which take advantage of the most recent innovations in science and technology, including robotics, artificial intelligence, 3D printing, biomimicry, and biotechnology, a statement said.

Mohammed Al Gergawi, Minister of Cabinet Affairs and the Future and vice chairman of Dubai Future Foundation, said that the initiative "will be an important and strategic contribution to the regional investment market, attracting the world's best start-ups and companies to compete for new opportunities that make a positive difference in the world".

He said the goal is to stimulate innovation and the application of emerging technologies in the areas most important to human life.

"Under the directives of our leadership, we look forward to a new phase in the development of our national economy. Dubai Future Accelerators aims to continue the nascent investment culture in the region, providing investors the opportunity to diversify their portfolios in innovation-led fields in a way that contributes to the greater public good," he added.

Saif Al Aleeli, CEO of Dubai Future Foundation, said: "By means of our global competition, we aim to align the efforts of key global stakeholders and the Government of Dubai to create a global market worth billions of dollars. Our long-term vision is to help solve the most important challenges that face us all in the future."

The competition is now live, and companies and start-ups are invited to apply at www.dubaifutureaccelerators.com

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