Sandooq Al Watan, the UAE initiative launched by successful Emirati entrepreneurs to nurture local young talents, has received an additional funding of AED 62 million (US$16.8 million) by Emaar Properties. Earlier this year, Emaar donated AED 84 million to the program.
The chairman of Emaar, Mohamed Alabbar, encouraged all the established businesses to join the initiative. In his words, today’s successful entrepreneurs had received support from the government when they needed it, and in return, they now had to back up the young talents.
The primary goal of the Sandooq Al Watan was to prepare the nation for the transition from oil-economy to knowledge-based society by creating a new generation of entrepreneurs.
Furthermore, Sandooq Al Watan recently launched the so-called ”Our Future” initiative to incubate startups, promote research and science, and establish a bridge between the private sector and universities. At ”Our Future” they focused on innovation and product marketing to help local business ideas grow and compete on a global level with companies like Google and Tesla.
The platform is entirely in line with the plans of H.H. Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces to prepare the Emirate for the post-oil world. “We must create the infrastructure to nurture their talents and support them to become successful entrepreneurs, who in turn contribute to our nation’s sustained progress and prosperity, ” stated of H.H. Shaikh Mohammad.
Earlier this fall, Sandooq Al Watan joined has officially joined the Khalifa Innovation Center as a founding member. On a total area of 12,000 square feet, it would establish ”Sandooq Al Watan Oasis” by the end of the next year. Furthermore, it would set up similar innovation facilities all around the Emirate. The Khalifa Innovation Center is a joint initiative of the UAE-based Mubadala Investment Fund, Tawazan Group, the Khalifa Fund, and Khalifa University. It would bring together leading universities, financial institutions, and private businesses to support and nurture innovation and entrepreneurship among Emirati youth.