Huda Buhumaid - Chief Impact Officer-1701866941746
Huda Buhumaid, Chief Impact Officer at Dubai Holding, talks about the launching of the global innovation challenge on the sidelines of COP28. Image Credit: Supplied

Dubai: A global innovation challenge has been launched on the sidelines of COP28 to make the UAE greener with sustainable waste recycling solutions.

Dubai Holding, a global investment holding company operating in 13 countries and a Principal Pathway Partner at the 28th United Nations Climate Change Conference on Wednesday announced ‘Innovate for Tomorrow,’ a pioneering innovation challenge, inviting global innovators to develop solutions to address critical issues in waste, recycling, and resource recovery in the UAE to drive a circular economy.

Open for entries in January 2024, the initiative will see early-stage, growth-stage, and scale-up companies, from around the globe, submit ideas that can help unlock new solutions on recycling and circularity, ultimately helping accelerate the UAE’s path towards net zero.

Directly contributing to the advancement of sustainable resource management practices, the challenge aims to enable entrepreneurial innovations. It places a significant emphasis on providing start-ups, particularly youth innovators, with a platform to bring solutions to life and gain access to mentorship opportunities from within Dubai Holding’s diverse portfolio.

Rewards package

Following a rigorous pitch process, the winners of ‘Innovate for Tomorrow’, expected to be announced by April 2024, will receive a comprehensive rewards package, including a financial prize, the opportunity for a pilot project with Dubai Holding, networking opportunities, access to TECOM Group’s in5 business incubator for start-ups and entrepreneurs, and mentorship with Dubai Holding experts.

The group said no registration fee has been put for applicants to ensure equal access. Details of the application process will be available in January 2024 and an announcement about the prize money will also be made later.

Huda Buhumaid, Chief Impact Officer, Dubai Holding, said: “Dubai Holding has long played an instrumental role in diversifying Dubai’s economy towards sustainable, innovation-led growth. The ‘Innovate for Tomorrow’ challenge underscores our commitment to support the UAE’s efforts to promote future-focused solutions that help decarbonise sectors, and boost the circular economy.”

“By fostering innovation and actively engaging with global start-ups, young innovators are better enabled to develop impactful solutions that help address tomorrow’s challenges.

She said the challenge aims to deliver “benefits to our communities and collaboratively shape a future that is not only sustainable but also inclusive and marked by resilience and forward-thinking.”