The United Arab Emirates may be known for their vast oil reserves but unique and innovative ideas may come to fruition in the near future with a new program aimed at entrepreneurs. The proposed program will focus on the bright ideas that come from Emiratis who want to bring their ideas to life, whether those ideas are products or services. Currently, the UAE doesn’t have a system in place that helps innovators develop their ideas and the Khalifa Fund for Enterprise Development has the plans of starting an incubator program that does just that.
The proposed incubator program would give Emiratis the opportunity to present new ideas and apply them to comprehensive services that can bring them into reality. This support process would take about two years to fully implement into the small and medium enterprises sector which includes two initial phases. Since the UAE is economically reliant on oil, the program can help create other profitable sectors with innovation that can be shared nationally and worldwide. If successful, the head of the Khalifa Fund, Hussain al Nowais, could add the feat to his biography that is already quite impressive.
The first phase of the development of the incubator program would involve the creation of electronic systems that allow users to complete necessary internal duties like following transactions, obtaining approvals, tracking status of the loan and other services. The final phase would be to develop a mobile platform where all benefits can be accessed through a mobile device. But, the government would need to increase the support in the information and communication technology sector in order to handle these electronic duties by boosting data optical fibers and receiving towers.
The Khalifa Fund has already discussed the program with other potential investors and if the plans proceed, the UAE could emerge as one of the most innovated markets. Given the history and success of previous projects funded by Hussain al Nowais, the program would add to his lengthy biography.