The accelerator will support applications and projects built around smart cities, smart meters and blockchain technology.
Dubai’s government seeks to bolster the development of new technologies with a startup accelerator –comprised of a $275 million investment fund–. Organizers said that Blockchain applications will be considered.
The announcement was made last week by Dubai Future Foundation, as part of the proposal, the foundation spoke about an accelerator program spanning a period of 12 weeks, and directed at new companies (startups) looking to operate under United Arab Emirates jurisdiction.
UAE government is establishing a key alliance with Dubai Holding –an investment firm–. The company’s corporate website reads:
Dubai Holding has played an instrumental role in diversifying Dubai’s economy across multiple industries. Collectively, our companies represent our involvement across 14 industries, continually driving support and growth of a sustainable, innovation-led economy in line with the UAE Government’s Vision 2021.
The accelerator program will accept submissions from a wide variety of companies. The selected ones will have three months to design their pilot programs. After a review period, the best projects will receive increased funding.
Up until now, the organization has received seven proposals, including submissions from FinTech startups.