The Dubai Future District Fund (DFDF) today held its Annual General Meeting (AGM) on the 2023 performance at the Museum of the Future in Dubai. The AGM united efforts between the public and private sectors to amplify the UAE’s innovation ecosystem through strategic venture investments.
The DFDF AGM serves as a cornerstone for reviewing the Fund’s remarkable progress in its second year of operation. It highlighted collaborative initiatives driving innovation, adopting new technologies, and further delving into the Fund’s forward-looking strategies.
In his keynote speech on “Sustainability in Finance and Climate”, His Excellency Abdullah bin Touq Al Marri, UAE Minister of Economy, said: “In pursuit of its strategic goal, the UAE, under the directives of its wise leadership, aims to double the national economy’s gross domestic product over the next decade. The Ministry of Economy, alongside its partners, is dedicated to achieving this objective, focusing on sectors such as the circular economy, sustainability, and entrepreneurship. In these sectors, the UAE has crafted a sustainable economic strategy grounded in foundational pillars such as research and development, innovation, and technology.”
His Excellency added: “The UAE is focused on activating opportunities within the circular economy, clean energy, smart transportation, sustainable aviation, and agricultural technology sectors with the aim of transitioning towards a diversified, knowledge-based economy. The UAE offers a number of incentives and initiatives to support small and medium-sized companies and venture capitalists in the green economy sectors. In addition, it supports strengthening partnerships and enhancing the private sector’s competitiveness to foster innovation.”
In his remarks, His Excellency also commended DFDF for its critical role in unlocking high-quality economic opportunities and driving the creation of a diverse and sustainable economy. He highlighted how these efforts boost the nation’s competitiveness and encourage ongoing innovation and substantial investments across various sectors.
DFDF outlined its significant contributions to enhancing Dubai’s venture capital landscape. With an initial allocation of AED 1 billion, the Fund has been instrumental in energising the local venture ecosystem. It has made strategic investments across 14 start-ups and funds, comprising 5 new start-ups, 3 follow-on investments, and 6 fund commitments. In total, DFDF has supported over 25 projects, leading to a substantial broadening of its investment portfolio and an impressive 84 percent increase in talent within these ventures.
DFDF also allocated 20 per cent of its AED 1 billion funds to help accelerate sustainable technology and innovation start-ups and scale-ups. This progress further underscores the Fund’s commitment to the UAE’s sustainability objectives and the ambitious ‘We the UAE 2031’ strategy to escalate the nation’s GDP to AED 3 trillion by 2031.
The AGM further underscores DFDF’s vital role in cementing the UAE’s reputation as a global economic leader and a thriving landscape for innovative tech start-ups. DFDF is crafting a foundation for a sustainable, diversified global economy by prioritising advanced technologies such as AI, robotics, and blockchain.
DFDF continues to champion innovative technology startups, driving them towards additional funding and nurturing a flourishing venture ecosystem. With a strategic focus on emerging technologies, DFDF is poised to play a pivotal role in shaping future economies and reinforcing Dubai’s position as a leading hub for local and international promising projects.
