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 startups in the MBRIF Accelerator program.
Selected based on their sustainability credentials, the chosen startups, 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 startups. 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.