New “Dubai Future District” for Future Economy

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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice
President and Prime Minister of UAE and Ruler of Dubai has announced the launch
of a new district combining the key commercial and financial hubs in Dubai and
is dedicated to the development of the future economy under the name of ‘Dubai
Future District’.

The Dubai Future District covers and connects Dubai World Trade
Centre, DWTC, Emirates Towers and Dubai International Financial Centre,
directly via a bridge inspired’ by the Museum of the Future, making it the
Middle East’s largest district dedicated to developing the new economy. It will
also house an economy research center, incubators &
accelerators and innovative space for future economy pioneers which will
boost the business sector of the country.

His Highness Sheikh Mohammed bin Rashid Al Maktoum also
announced the launch of an Dhs1bn fund to support new economy companies who
will operate out of Dubai Future District, and who have the “potential and
foresight” to support the emirate’s position as a preferred destination for
global talents and entrepreneurs. The new district, along with the new fund,
will provide unprecedented financing and legislative facilities and options for

In order to support the economy of the future, overall, 10
initiatives will be launched in the coming period which includes:

1. Launch of an AED1 billion
fund for future economy entrepreneurs in Dubai and the region which will
provide support and facilities needed by tech startups in their early stages.

2. Office of Future Economy
Companies is the second initiative, in which an office for the future economy
companies will be established which will issue special five-year residency
visas to future entrepreneurs, licenses for innovative projects, provide
banking facilities, offer legal services, and provide flexible workspaces,
training services and workshops.

3. Legislative licenses will be offered to future economic entrepreneurs to test their innovations in
designated areas.

4. Housing options at a
reduced price will be made available for future economy pioneers.

5. A unified platform for
financing and consulting future economy entrepreneurs so that future economy
companies can obtain the funding and consultations necessary to start and
expand their activities through this platform.

6. New stock exchange for
future economy companies is the sixth initiative. This will; allow the future
economy companies to obtain financing and raise capital in a more flexible

7. The formation of the
largest incubators and accelerators to assist future economy companies in their
initial funding stages, by providing training in innovation and developing
prototypes, in addition to providing an opportunity to benefit from the network
of partners and available facilities.

8. Formation of Future
Economy Research Centre which will contribute to the design of applied research
through several specialised laboratories and will form a platform for
scientific research.

9. This programme is aimed at
cultivating the culture of entrepreneurship and encouraging students in the
country to set up future economy companies. It will also provide services such
as allocating workspaces, providing mentoring and guidance, educational
materials, as well as opportunities to obtain grants and funding from
government and private agencies.

10. International conferences and
various global events will be hosted for future economy leaders to communicate
through, explore growth prospects and present their projects to a larger

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