Mohammed Bin Rashid Innovation Fund Concludes Successful Participation in Expand North Star 2024

The Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative launched by the Ministry of Finance to support innovation in the UAE, has concluded its participation at the Expand North Star 2024 forum in partnership with the European Bank for Reconstruction and Development (EBRD) as part of GITEX Global 2024.

MBRIF, in collaboration with EBRD hosted a comprehensive schedule of activities at the event to enable attendees to connect with both entities, explore their programs and gain knowledge and information on a variety of topics. The activities also offered the opportunity to meet some of the region’s most talented innovators and take part in a series of insightful sessions related to innovation and entrepreneurship.

Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance and MBRIF representative, said: “Expand North Star is a unique platform in the region, shaping the future of the digital economy by championing entrepreneurship in the UAE and advancing discussions on the evolution of the innovation landscape. We are always keen to support events and initiatives that contribute to strengthening the UAE’s position as a global center of excellence in innovation, and to engage with our industry peers from the UAE, the region and beyond in our common vision of leveraging technology to propel economic development and expansion.”

The event program put together by MBRIF and EBRD featured panel discussions with industry experts on the opportunities available to innovative start-ups in sectors such as health, tech and space, as well as on expansion into the UAE market and exploration of the collaborative innovation ecosystem in the UAE. Other topics included empowering women in entrepreneurship and future sustainability trends. Alongside the panel discussions, MBRIF and EBRD held info sessions on alternative funding sources and legal considerations for start-ups in the UAE, as well as an introduction to EBRD’s Star Venture program.

MBRIF offers innovators support through its two flagship programs; the MBRIF Innovation Accelerator and the Guarantee Scheme. Whilst EBRD’s Star Venture program targets promising start-ups through accelerators and consultants to help them achieve their full potential.

Zsuzsanna Hargitai, Managing Director, SME Finance & Development at the EBRD, said: “At the EBRD, we are committed to fostering innovation and entrepreneurship that drives sustainable economic growth. Our Star Venture programme plays a pivotal role in empowering high-potential startups with tailored support, mentorship, and market access to help them scale and transform industries. The collaboration with the MBRIF at Expand North Star 2024 further amplifies our shared vision of fostering dynamic innovation ecosystems. It inspires Star Venture companies to seize new opportunities, and I’m thrilled to see that over 35 of our startups are present this week to explore the UAE’s vibrant entrepreneurial landscape.”

Under the pavilion of the MBRIF at Expand North Star, an impressive lineup of innovative companies showcased their cutting-edge solutions across various industries. These included Hoopla, an app for mental wellness; CrossVal, a fintech system for GCC companies; Reme-D, a medical technology innovator; BigDot, an AI-driven business optimization platform; Duverse, a smart city and urban tech provider; Nadeera Technologies LTD and Oxytech.io, both leaders in environmental technology; Sulmi, an AI-powered business solutions platform; jalebi.io, a business automation tool; and Verofax, offering blockchain-based supply chain solutions. Together, they represented the forefront of innovation, contributing to the UAE’s rapidly evolving digital economy.

Moreover, more than 35 innovative companies from EBRD’s Star Venture programme showcased their solutions, including Investbanq (Kazakhstan), which expanded into the UAE in 2024, securing its first client by offering AI-driven WealthTech solutions for asset managers and banks. Similarly, BANTgo (Estonia), operating within the UAE’s ecosystem, launched its waste management platform in 2024 with pilot projects supported by local partners like Cartlow and Verofax, furthering its impact in responsible waste management using AI and blockchain.

For more information about Mohammed Bin Rashid Innovation Fund, please visit https://mbrif.ae.

-ENDS-

About the MBRIF:

The Mohammed bin Rashid Innovation Fund (MBRIF) is a federal initiative launched by the Ministry of Finance and is operated by Emirates Development Bank. Since its launch in 2016, the MBRIF has supported innovators through its first program, the Guarantee Scheme, which offers members access to affordable funding through a government-backed guarantee and without taking equity.

The MBRIF’s second program, the MBRIF Accelerator, was launched in December 2018. Aligned with the UAE National Innovation Strategy, the initiative aims to enhance growth potential of innovative businesses shaping the future of UAE’s economy. The MBRIF Accelerator offers world-class services and coaching to member companies to accelerate their business, elevate capabilities, unlock value and achieve scale.

Additionally, the MBRIF partners with the public and private sector to help facilitate growth, provide support, create opportunities and pave the way to success for its member companies in the UAE. For more information, please visit: https://www.mbrif.ae/

For press enquiries, please contact: