The Mohammed Bin Rashid Innovation Fund has announced a financing guarantee of 7.2 million dirhams for Fragrance Delivery Technologies (FDT), a Dubai-based company specializing in technological innovations. This funding aims to support the modernization of an advanced automation facility in the Jebel Ali Free Zone (JAFZA) and aligns its operations with the standards of the Fourth Industrial Revolution, thereby bolstering the advanced manufacturing sector in the UAE.
Competitive Economy
Fatima Yusuf Alnaqbi, Acting Assistant Undersecretary for the Supporting Services Sector and representative of the ministry in the Mohammed Bin Rashid Innovation Fund, stated, “The Mohammed Bin Rashid Innovation Fund plays a vital role in driving the UAE’s national innovation strategy and achieving its long-term vision of fostering a knowledge-based competitive economy. By enabling innovative companies like Fragrance Delivery Technologies to adopt Fourth Industrial Revolution technologies, the fund aims to enhance our national industrial capabilities and create a robust foundation for a sustainable future economy.” She added, “We are focusing on accelerating the transition from research and innovation to delivering high-value economic outcomes and supporting the growth of export-focused companies that possess the necessary attributes to meet future demands.”
Sustainable Solutions
Hydros Jassim, CEO of Fragrance Delivery Technologies (FDT), remarked, “The support from the Mohammed Bin Rashid Innovation Fund represents a pivotal moment in our company’s journey. This backing allows us to transition to a highly efficient automated manufacturing model, enhancing our global competitiveness by offering alternative and sustainable solutions to harmful aerosol-based products. We are confident that this partnership will strengthen our ability to meet the increasing international demand for sustainable air care solutions while continuing to establish our research and manufacturing operations in the UAE.”
This financing is intended to improve production efficiency and expand operations to meet the growing global demand for eco-friendly air fragrance solutions. With 95% of its workforce based in the UAE and over 90% of its products exported to international markets, FDT stands as a successful example of the “Made in UAE” brand.
The guarantees program of the Mohammed Bin Rashid Innovation Fund is a fundamental pillar in supporting the national innovation ecosystem by providing financing solutions under favorable conditions to outstanding companies, without requiring the relinquishment of equity shares.