Princess Haya bin Al Hussein, wife of Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum, yesterday announced plans to launch a $133 million fund to encourage entrepreneurship.
The fund “will accelerate entrepreneurial spirit around the world and support projects of varying size, scale and stages of development; all with the same objective of delivering a lasting and positive impact,” the Emirates News Agency (WAM) quoted Princess Haya as saying.
Speaking at the Bureau International des Expositions (BIE) in Paris, Princess Haya presented Dubai’s World Expo 2020 bid. The BIE is expected to announce in November which city has won the right to host the expo.
It was revealed on Wednesday that a rival bid city in Thailand had been disqualified, reducing the number of contending cities to four.
The International Monetary Fund (IMF) expects a boost to Dubai’s economy should its bid be successful.
“Dubai aims to build on its successes in becoming a services hub for the wider region and recently announced plans for several megaprojects in real estate and tourism. If Dubai succeeds in its bid for the World Expo 2020, the implementation of many of these plans would likely accelerate,” an IMF report said earlier this week.