Dubai Future Accelerators (DFA), an intensive 12-week program that brings together companies, entrepreneur and powerful partners in Dubai to build breakthrough solutions, has announced a $33.5M US deal between government entities and first round of startups.
According to the official release, more than 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 began in September and paired 30 companies from across the world with seven of Dubai's founding entities: Health, Energy, Knowledge, Municipality, Police, Transport and the investment portfolio Dubai Holding.
Out of 2,274 companies from 73 countries on all 7 continents who applied, less than 2% made the final cut to the inaugural program. The companies ranged from Fortune 100 multinational Honeywell to adventurous startups like Hyperloop One and were chosen primarily on their ability to execute on their visions for the future.
The first round of the program increased Dubai's total spending on research and development by 6% in just three months, it stated. The DFA said that this boosts the emirate's competitiveness, and signals its transition to an innovation-led economy.
"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”, His Excellency Mohammed Al-Gergawi, Minister of Cabinet Affairs and The Future, and Vice Chairman of the Dubai Future Accelerators said.
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.
Applications are now open for the second round of the Dubai Future Accelerators program, set to begin in Q1 2017.
