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UAE Freezones Biz News Updates
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Region’s first sustainability-focused startup accelerator launched in Abu
Dhabi
 The
Vice President, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid
Al Maktoum, visited the Abu Dhabi Sustainability Week, ADSW 2018, the largest
sustainability gathering in the Middle East.
Today, Masdar City free zone hosts more than 530 tenants, a
number expected to exceed 800 by 2020.
The region’s first sustainability-focused startup accelerator, the Catalyst,
was launched during Abu Dhabi Sustainability Week (ADSW) and is now
accepting applications from local and international entrepreneurs.
The accelerator initiative launched by Abu Dhabi’s renewable energy company,
Masdar, and the international oil and gas company, BP, at Masdar City free
zone in Abu Dhabi prioritises businesses at the commercialisation stage,
offering expenditures, training, mentoring and office space.
The initiative is also collaborating with the Masdar Institute, part of the
Khalifa University of Science and Technology, the core tenant of Masdar
City.
Successful applicants will be those developing innovative products and
solutions that are potentially patentable, with priority given to UAE-based
startups.
The Catalyst runs in two cycles per year, split into two phases.
The first three-month phase is devoted to scouting up to 50 applicants. The
second phase which lasts up to four months involves choosing startups from a
10-strong shortlist, deploying the capital and hands-on training and
support.
The Masdar-BP joint venture hopes to select up to six startups per cycle per
year. Licensing will be managed through the Masdar City free zone.
To raise awareness and attract interest, the Catalyst is participating in
the Climate Innovation Exchange, CLIX, during ADSW, a platform endorsed by
the UAE Ministry of Climate Change and Environment connecting youth,
entrepreneurs and innovators with investors to promote climate change
solutions.
Businesses chosen through the Catalyst will receive ongoing support to help
incubate UAE-based knowledge industries and intellectual property-based
partnerships.
With homegrown clean-tech businesses now emerging in the UAE, as well as
other accelerator initiatives such as CLIX at ADSW and Krypto Labs here at
Masdar City, now is the time to relaunch the Catalyst to further incentivise
the business ecosystem in sustainability taking root in the Middle East and
international markets,” said Mohammed Al Fardan, director of Masdar Free
Zone.
Today, Masdar City free zone hosts more than 530 tenants, a number expected
to exceed 800 by 2020.
“The Catalyst will contribute to sustainable innovative thinking, said Salem
bin Ashoor, general manager and chief representative for BP in Abu Dhabi.
Innovation remains crucial to the energy industry for maximising economic
recovery and reducing cost as well as securing long-term sustainability.
This will support creating high-quality jobs, strengthening and diversifying
economic performance aligned with Abu Dhabi’s 2030 plan.
Jan 20, 2018 |
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Courtesy The National
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