Dubai has launched a crowdfunding platform to support the creative dreams of aspiring entrepreneurs in the emirate. The initiative was announced by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, on Wednesday.

Taking to Twitter, he said, "Today, we launched the "Dubai Next" platform, the first of its kind, to attract crowdfunding to support creative ideas and projects..." The Dubai Crown Prince said the idea behind the initiative was to motivate youth from the UAE as well as from other countries to start their own businesses in Dubai.

"The traditional job is no longer the best option in an era in which the chances of success are for the creative and innovative," said Sheikh Hamdan. There are  great success stories of entrepreneurs who started their projects from Dubai and reached international levels," he added.

"Trade is rooted in UAE’s culture and heritage and its potential for growth is unlimited with Dubai’s position as a hub for global trade. Our goal is to see new generations of successful Emirati merchants."

Sheikh Hamdan, who is also the Chairman of The Executive Council of Dubai, said that the small and medium enterprise (SME) sector is a key pillar of the national economy, and that the UAE continues to give increasing attention to the sector through initiatives and programmes launched to support entrepreneurship in the city.

Crowdfunding is the use of small amounts of capital from individuals to finance a new business venture. With the use of digital technologies, aspiring entrepreneurs can now present their ideas and projects to a larger segment of the community locally and globally, and obtain direct financing or support in marketing the idea.

Bangladesh Govt approves purchase of Covid-19 vaccines from China

Global Covid Updates: Thailand registers 3,394 new cases, 29 deaths

Indian Diaspora in UAE warned against vaccine rumours for parents on visit visa