Mohammed Bin Rashid Innovation Fund Announces First Disbursement

November 6, 2017

 

 

In today’s ever-growing and ever-changing economy, we rely heavily on knowledge and innovation towards a more sustainable future and prosperity. The UAE aspires on that model and has generated plans, funds, laws & regulations towards helping them reach their objective.

 

One of the few funds is The Mohammed Bin Rashid Innovation Fund (MBRIF) which is worth an astonishing AED 2 billion (US$549 million).

 

MBRIF is a UAE federal government initiative led by the Ministry of Finance which supports 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.

 

Yesterday, the first time MBRIF announce the first disbursement of its Fund awarding InternsME.com as its first recipient at a ceremony at the Youth Hub in Dubai.

 

Attendees were his excellency Younis Haji Al Khoori, Under Secretary at the UAE Ministry of Finance, top officials from the Ministry, Emirates Development Bank and RAK Bank which stands out as the lead lender for this deal, while Emirates Development Bank is considered the fund's operator and host.

 

Throughout the ceremony, statements were given by his excellency Younis Haji Al Khoori, InternsME.com’s Chief Executive Jean-Michel Gauthier, CEO of Emirates Development Bank Haitham Kamhiyah and CEO of RAK Bank Peter England.

 

“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 said.

 

InternsME.com was launched in late 2012 and is the leading online portal that connects students and recent graduates to top employers across the Middle East for internships, trainee positions, part-time and full-time graduate job opportunities. InternsME.com was started by a team of passionate entrepreneurs to address the challenge faced by fresh graduates and university students in finding suitable employment in the region.

 

 “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,” said InternsME chief executive Jean-Michel Gauthier.

 

https://www.mbrinnovationfund.ae/en/home 

 

 

 

 

 

 

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