The recent opening of the new Khalifa Innovation Center, located in Abu Dhabi, was greeted by officials, staff and onlookers this past November, according to Trade Arabia. The focus of the new center will support high quality initiatives that will enhance innovative projects throughout the UAE and will focus on creative efforts and groundbreaking ideas to increase the country’s competitiveness in the global market.

Under the patronage of the National Security Advisor and Vice President of the Executive Council of Abu Dhabi, Sheikh Hazza bin Zayed Al Nahyan, the Khalifa Innovation Center was created; additionally, the chairman of the Prince Crown Court and the Chairman of the Board of Trustees of Khalifa University, Sheikh Hamed bin Zayed Al Nahyan launched the center and welcomed the opening.

Founders of the innovation center include Khalifa University, Tawazun Economic Council, Mubadala Development Company and the Khalifa Fund for Enterprise Development (chaired by Hussain Al Nowais). Sheikh Hamed bin Zayed Al Nahyan stated the UAE has cultivated a path based on creativity and innovation, which requires a commitment to maintain its distinction and uniqueness while moving into the future. With that in mind, the opening of the Khalifa Innovation Center will help the country remain on the forefront of advancement.

During the opening of the center, it was announced that it would be operated in conjunction with the Mubadala Development, Khalifa University of Science, Technology and Research as well as the Tawazun Economic Council. The center is anticipated to incubate a minimum of 1,000 innovative Emiratis over the course of 5 years and investments in the Khalifa Innovation Center would garner approximately Dh200 million in the same period.

The center will give Emiratis the chance to build upon their ideas and business models into real investment projects that can enhance the economy. The center will feature an integrated package that includes financial and technical support to provide a resourceful umbrella of approximately 130 innovative ideas, which will allow their owners to convert the projects into models that can have real-world practical application. Also, a projection of Dh300,000 is expected to be granted per idea.

Additionally, another package of support will provide models that have a distinctive practical application with additionally funding. Under this program, financial support up to Dh1 million could be available for up to 10 projects each year.

Khalifa Innovation Center is expected to support the national economy with a plethora of valuable projects while supplying a great annual impact by presenting quality ventures. They will have a minimum contribution of 50 percent of the volume of investment for each project with venture capital institutions. Overall, the center will help support Emirati entrepreneurs and spur growth within small to medium enterprises.