- Dubai Future District Fund (DFDF) allocates 20% (Dh200 million or approximately USD54.47 million) of its Dh1 billion fund to support climate technology and innovation initiatives.
- This commitment reinforces DFDF’s mission to bolster Dubai’s venture capital ecosystem and promote sustainable finance and innovation globally.
- DFDF’s strategic move contributes significantly to advancing the global sustainability and innovation agenda, particularly amidst notable developments in the Middle East, aiming to collaborate with multinational partners, foundations, and government agencies to channel capital towards strategic climate tech initiatives.
The Dubai Future District Fund (DFDF) has allocated 20%, equivalent to Dh200 million (USD54.47 Million USD), of its Dh1 billion fund to support climate technology and innovation initiatives.
“This commitment reaffirms DFDF’s mission to strengthen Dubai’s venture capital ecosystem and underscores its dedication to promoting sustainable finance and innovation globally,” the fund stated.
This strategic move plays a pivotal role in advancing the global sustainability and innovation agenda, particularly amid significant developments in the Middle East. DFDF aims to collaborate with multinational partners, foundations, and government agencies to direct capital towards strategic climate tech initiatives, including venture capital and market development activities.
Sharif El Badawi, CEO of Dubai Future District Fund, emphasized, “DFDF is strategically allocating a significant portion of the fund to climate technology ventures, demonstrating our unwavering commitment to the COP/CIF landscape and our focus on the Future of Food, the Future of Logistics, and Financial Inclusion.”
“In 2021, the UAE made a groundbreaking commitment to achieve a net-zero economy by 2050, setting a precedent in the Middle East. Following suit, Saudi Arabia and Bahrain swiftly joined in, marking a significant moment for climate tech investments in the region. This transition positions the MENA region among the most globally advantaged, mitigating over 17% of GDP losses and generating more than 1 million jobs,” he added.
Khalfan Belhoul, Chairman of DFDF and CEO of Dubai Future Foundation commented, “The substantial allocation of up to Dh200 million from DFDF to sustainable technology ventures signifies our continued mission to enhance Dubai’s venture capital ecosystem. At the heart of DFDF’s operations lies a deep focus on the Future of Finance and Future Economies, critical areas driving the global sustainability and innovation agenda.”
The International Renewable Energy Agency (IRENA) highlights that the region’s current electrification rate is 16%, warning that established targets only meet 50% of the renewable energy capacity required by 2030 to stay below the 1.5°C degree benchmark. However, GCC countries possess a significant advantage in producing solar-based electricity and green hydrogen due to their high solar voltaic output.
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