Crowdfunding in Dubai: Dubai Next attracts 398 contributors

  DUBAI – Dubai Next, a digital crowdfunding platform for innovators and start-up ideas, has attracted 398 contributors and 62 campaigns in less than a year, an official said. Dubai Next is anticipating an increase in fund-seekers and contributors after the UAE approved a federal system for such platforms recently. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the new federal framework allowing operators from government and private sectors to back crowdfunded projects. Dubai Next currently has 1,570 campaigns registered, with the number of campaigns increasing by 50 percent and the number of contributors increasing by 60 percent in the last three months. Dubai Next was launched in May 2021 by Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council. The platform is managed by Dubai SME, an agency of the Department of Economy and Tourism in Dubai. "Crowdfunding has had a significant impact in ushering in a new generation of entrepreneurs in the UAE. It provides an alternate financing option, and an ideal opportunity to turn start-up ideas into viable projects. Students aged 12 and above can create campaigns on Dubai Next and the campaigns seen so far are diverse and innovative," said Abdul Baset Al Janahi, CEO of Dubai SME. Crowdfunding involves small amounts sourced towards financing of a single commercial venture. Anyone with an innovative idea or project can create a campaign on Dubai Next and seek funds from contributors. The not-for-profit platform is open to people of all nationalities. "With the federal legislation in place and the Securities and Commodities Authority being responsible for regulating the activities of crowdfunding, the crowdfunding platforms will see increased transparency, competitiveness and demand from the growing community of local, regional and global innovators in the UAE. It will create a sustainable pipeline of creative start-ups in the UAE," Al Janahi said. ICA/Expat Media
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