275 million USD initiative with the primary focus on blockchain in Dubai

10 August 2016

Government of Dubai is launching a new project to invest into the technology development with the primary focus on smart technologies and blockchain. The initiative is backed by Dubai Holding and led by Dubai Future Foundation. The investment accounts for 275 million US dollars. Known as the Dubai Future Accelerators initiative the 12-week startup project will emphasize on the strategic sectors in the United Arab Emirates.

The program aimed at finding and motivating innovation will be helping implementation of the best business ideas, including such sectors as transportation, law, education and other areas. Applicants will be provided required funding and three months for the development of their own projects that may be additionally financed afterwards.

The Foundation has been for some time monitoring and studying blockchain technologies, primarily through the Global Blockchain Council controlled by the Museum of the Future project.

The Global Blockchain Council of Dubai was launched earlier this year in February in a move to research and promote the new blockchain technologies. According to the statement made at that time by the executive of the Museum of the Future Foundation, the Council seeks to throw the light on the blockchain technology and digital currencies, spreading their products and derive most benefits of them.

The Council announced seven projects this spring at its conference with local companies, government agencies and newly launched firms.

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