The Mohammed bin Rashid Innovation Fund, MBRIF, an AED2 billion UAE Federal Government initiative led by the Ministry of Finance, announced yesterday the first disbursement of its Fund, awarding InternsME.com, the Middle East’s leading internship job portal, as the first recipient.

MBRIF acts as a catalyst for the UAE’s National Innovation Strategy that recognises innovation as a cornerstone of social and economic development. The fund focuses on innovating regional and global companies in seven major sectors – renewable and clean energy, transportation, education, technology, healthcare, space and water – but also considers companies from other business sectors that can contribute constructively to the country’s social and economic progress.

While anchored in the UAE, MBRIF aspires for a global reach to finance innovative companies around the world and attract them to the UAE to support the diversification of the country’s economy and position the UAE as the global hub for innovation. The fund supports selected companies in accessing affordable finance through the provision of a government-backed guarantee.

MBRIF is open to companies that are already operational and beyond the ideation stage, both globally and in the UAE. Eligible applicants are invited to register their project as intellectual property of the respective individual or company, and the initial stage of the project must already be established. The applications are then reviewed by a world-class advisory committee, with experts who are themselves innovators and pioneers in their fields.

The disbursement to InternsME.com was announced at a ceremony attended by Younis Haji Al Khoori, Under-Secretary at the UAE Ministry of Finance, and top officials from the Ministry of Finance, MBRIF, RAK Bank, Emirates Development Bank, and InternsME.com. RAK Bank serves as the lead lender for this deal while Emirates Development Bank is the Funds operator and host.

Speaking about the first disbursement, Younis Al Khoori said that the fund underlines the strategic vision of the UAE government to provide support to the country’s entrepreneurial and innovation landscape and brings to reality the UAE Innovation Strategy.

"The biggest challenge facing innovation-focused companies and entrepreneurs is that securing the crucial funding required to sustain their business. MBRIF is the critical partner that links these individuals and companies to banks and financial institutions to help them take their business to the next level. With the Ministry of Finance acting as a guarantor, we have created a platform for companies and entrepreneurs to access funding via banks," he said.

"With this first disbursement, we are demonstrating our commitment to the youth in the UAE. Creating employment opportunities through internships not only improves the nation’s economy but also gives fresh graduates and university students an opportunity to be part of the workforce and contribute positively to the UAE," Al Khoori explained.

InternsME Chief Executive, Jean-Michel Gauthier, said that MBRIF’s encouragement to innovative companies such as InternsME.com would further energise regional economies while enhancing the UAE’s global competitiveness and creating well-paying jobs for the younger generation.

"We thank the UAE Ministry of Finance, MBRIF, RAK Bank and Emirates Development Bank for recognising the importance of funding innovative companies such of – such as InternsME.com and the importance of our cause – in connecting companies to interns. In today’s knowledge-based economy, this encouragement is extremely critical. By working together, we are building the economy of the future, creating the jobs of today and tomorrow, and gearing up for global success that will benefit the youth of the UAE," he added.