Dubai Next, the digital crowdfunding platform that has attracted many young innovators and start-up ideas, is anticipating an increase in fund-seekers and contributors.
This follows the country approving a federal system for such platforms recently.
Mohammed bin Rashid Al Maktoum, Prime Minister of Dubai, announced the new federal framework that will allow operators from the government and private sectors to back crowdfunded projects.
Crowdfunding involves small amounts sourced towards the financing of a single commercial venture.
Currently, Dubai Next has 398 contributors and 62 campaigns approved and running, while the total number of campaigns registered till date is 1,570.
Between the first three months and now, the campaigns have increased by 50 percent, while contributors have increased by 60 percent.
Dubai Next was launched in May 2021 by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.
The platform, which is managed by Dubai SME, an agency of the Department of Economy and Tourism (DET) in Dubai, is attracting innovators and has already enabled eight start-up concepts to raise the required funds.