A technology initiative backed by the Dubai government has launched a $275m startup investment fund (1bn AED) organizers say will likely back blockchain projects.
Announced last week, the Dubai Future Foundation officially opened the Dubai Future Accelerators initiative, a 12-week startup program based in the United Arab Emirates that will seek to encourage innovation in “strategically important” sectors.
A partnership with global investment firm Dubai Holding, the effort is centered around promoting the development of business ideas around six “challenges” in areas like transportation, law, education and public utilities.
The program is now accepting applications from companies seeking to prove a product-market fit for their ideas. Approved applicants, in turn, will spend three months developing pilot projects that are then eligible for additional funding.
Organizers said initial applications include efforts centered on smart meters, smart cities and business process improvements using blockchain.
The move is the latest that finds the Dubai Future Foundation promoting blockchain development. The agency has been among the more active government agencies globally to begin examining blockchain technology, most notably through the Global Blockchain Council (GBC) overseen by itsMuseum of the Future project.
Earlier this summer, the GBC unveiled seven pilot projects built by prominent area businesses and startups.