This Emirati Fund Aims To Produce The Next Google Or Tesla- Valutrics

Sandooq Al Watan, an initiative launched by a group of Emirati businessmen, has launched a venture fund titled ‘Our Future’ which aims to produce the next Emirati Google or Tesla by 2071.

Sandooq Al Watan aims to prepare the UAE for a post-oil era by supporting Emirati startups.

The fund is planning to support 20 startups by 2020.

“Our Future aims to create a knowledge economy by supporting innovative ideas and startups that propose solutions to the challenges of the future,” said Mohammed Tajeddine Al Qadhi, director general of Sandooq Al Watan.

“It supports the projects from inception till they become local and global leaders,” Al Qadhi said.

It will be implementing the initiative in three phases. In the ideation phase, the fund will source ground-breaking ideas related to areas such as aviation, space, water, and genetics.

It will distribute close to Dhs30 million in the ideation phase to support research in key sectors over three years.

In its second phase called ‘commercialisation’, the fund will begin incubating and accelerating innovative ideas.

This will be done through the establishment of innovation centers across the UAE, with the first center to be inaugurated in early 2018 in Abu Dhabi.

In the third phase called ‘growth’, it will create a platform that connects established start-ups with a network of venture capitalists, consumers and experts to facilitate growth through financing and purchases.

In May, Sandooq Al Watan received Dhs4 million in contributions to help support its efforts to build a sustainable knowledge economy.

Of the total funds, Dhs3 million was donated by Emirati businessman Sheikh Mohamed bin Sultan bin Srour Al Dhaheri, and the remaining by Essa bin Saeed bin Essa Al Khalili, member of the National Advisory Council.