Monday, December 12, 2016. Dubai, UAE – Dubai Future Accelerators (DFA) announced a $33.5M US deal between government entities and their first round of startups. Over 65% of startups in the program struck a deal between the seven government entities to create a prototype or pilot program of their technology in Dubai.
The program, which began in September paired 30 companies from across the word with seven of Dubai’s founding entities: Health, Energy, Knowledge, Municipality, Police, Transport and the investment portfolio Dubai Holding.
Less than 2% of the 2274 companies from 73 countries on all 7 continents who applied were chosen to join the inaugural program. The companies, which range from Fortune 100 multinational Honeywell to adventurous startups like Hyperloop One, were chosen primarily on their ability to execute on their visions for the future.
Fourteen international companies taking part in the program have relocated their headquarters to Dubai. This proves the UAE’s newfound attractiveness among technology companies, which, until recently, opted to set up within established innovative environments elsewhere, such as Europe or Silicon Valley.
Round One of the program increased Dubai’s total spend on research and development by 6% in just three months. This, in turn, boosts the emirate’s competitiveness, and signals its transition to an innovation-led economy.
His Excellency Mohammed Al-Gergawi, Minister of Cabinet Affairs and The Future, and Vice Chairman of the Dubai Future Accelerators said “The UAE has become the foremost global platform for turning the future into reality. It is the ideal destination to materialize innovative ideas into tangible projects that have a significant impact on the economy and society – projects that can create better lives for us and for future generations.”
The second round of the DFA will see five additional government and private entities join the program – namely, the Department of Economic Development, Dubai Smart Office, the General Directorate of Residency and Foreigners Affairs, Etisalat, and du – bringing the total to 13 entities.
The second round of the Dubai Future Accelerators program is set to begin in Q1 2017 with applications opening on Monday, December 12, 2016.