Fragrance Delivery Technologies secures USD 2M to automate its Dubai facility
The company will use the funding to transition to a fully automated manufacturing model and scale its manufacturing footprint in the UAE.
UAE – The Mohammed Bin Rashid Innovation Fund (MBRIF), a federal initiative launched by the UAE Ministry of Finance, has announced the provision of an AED7.2 million (USD 1.96 million) credit guarantee to Fragrance Delivery Technologies (FDT), a Dubai-based company specializing in technological innovation.
This credit guarantee will enable FDT to upgrade its Jebel Ali Free Zone (JAFZA) facility with state-of-the-art automation equipment, accelerating the company’s transition toward Industry 4.0 standards.
The upgrade directly supports the advanced manufacturing sector in the UAE by modernizing production capabilities.
The MBRIF guarantee will directly support FDT’s transition to Industry 4.0 standards by enabling the installation of high-precision automation equipment at its JAFZA facility.
FDT expressed gratitude for the support, stating, “We are truly grateful to the Mohammed Bin Rashid Innovation Fund (MBRIF) for their support and partnership.”
“This milestone marks an important step in our journey, enabling us to scale our manufacturing capabilities, embrace Industry 4.0, and accelerate the global adoption of more sustainable air care solutions”.
The company emphasized that being supported by an initiative “shaping the UAE’s innovation and manufacturing future” is especially meaningful.
This guarantee supports the advanced manufacturing sector and aligns with the seven sectors of the National Innovation Strategy that the fund focuses on.
The program provides financing solutions with flexible repayment periods at low cost, without requiring entrepreneurs to own a share in the business, maximizing their growth potential.
The Mohammed Bin Rashid Innovation Fund was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
The AED 2 billion MBRIF initiative aims to support innovators from conception to realization and expansion, empowering them to drive the UAE’s transition to a knowledge-based economy while fostering prosperity and long-term sustainability.
In 2016, the fund launched its Guarantee Scheme to promote and accelerate the growth of innovative companies by bridging the financing gap and enabling access to affordable financing through government-backed guarantees, without requiring equity.
On the other hand, FDT develops patented hydrogen fuel cell-powered fragrance and odour control systems.
Sign up to receive our email newsletters with the latest news updates and insights from Africa and the World HERE.
