$100m 3D Printing Investment Set Up By Dubai Future Foundation

ArabNet Team, Oct 24 2016

Dubai Future Foundation partners up with US multinational software corporation  Autodesk to provide financing for entrepreneurs and start-ups in the 3D printing sector in the region.

The two organizations signed a memorandum of understanding, whereby the Foundation will be in charge of identifying suitable investment channels for Autodesk’s $100-million Spark investment fund within the region. The investments will benefit businesses relying on 3D printing in their operations in an effort to develop this technology, catalyze innovation within the sector, and incubate and accelerate 3D-printing start-ups in the region. Autodesk, meanwhile, will be in charge of evaluating innovation in the regional 3D printing sector to map out a clear strategy for its Spark fund.

The agreement – signed by H.E. Saif Al Aleeli, CEO of Dubai Future Foundation, and Amar Hanspal, Senior Vice President, Products, at Autodesk – also allows entrepreneurs and businesses with innovative ideas in the 3D printing sector access to Spark’s marketing and software development capabilities. Moreover, the MoU stands to speed up the establishment of a regional 3D printing market, whereby 3D-printed products will cater to the demands of sectors such as manufacturing, construction, medical and consumer products, etc.

His Excellency Mohammed Al Gergawi, Vice Chairman and Managing Director of Dubai Future Foundation, said that the Dubai 3D Printing Strategy – launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai – will not only turn Dubai and the UAE into an international hub for the sector, but will also drive the growth of the global 3D-printing market, set to be worth $300 billion by 2030.

“3D printing technology will revolutionize the economic sectors that most affect people’s lives,” HE Al Gergawi said. “This includes construction, medical equipment and supplies, and even consumer products. 3D printing technology has taken center stage in the global market, drawing attention from all major tech companies and R&D centers around the world as they work to accelerate its introduction into traditional markets, in addition to establishing exciting new markets.”

From his end, H.E. Saif Al Aleeli , CEO of Dubai Future Foundation commented “ The UAE is a pioneer in the 3D printing sector: the emirate has already constructed the world’s first 3D-printed office. With this new international partnership, the Foundation is working to establish an attractive investment environment around the innovations and technologies of the fourth industrial revolution – 3D printing, in particular – in a bid to increase the sector’s contributions to the national economy. The MoU complements the Dubai Future Agenda, which strives to position the emirate as the international capital for the technologies of the future “

Commenting on the agreement, Amar Hanspal, Senior Vice President, Products, at Autodesk, said: “The UAE is leading the way in the shift towards using digital manufacturing technologies – including 3D printing – which bridge the gap between design and production. As leaders in the sector, we look forward to supporting Dubai’s future vision by accelerating and revolutionizing the manufacturing process in the emirate.”

See related articles:

Dubai Setting up a Global Hub for 3D Printing

Lebanon Builds the MENA’s Biggest 3D Printer

 

 

Comments   

Catch up on what you've missed