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Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, on Wednesday, launched ‘Dubai Next’ – a new digital crowdfunding platform for supporting entrepreneurs and start-ups.
The new initiative will contribute to "stimulating positive competition and encouraging youth to put forward innovative ideas as well as obtain community support through crowdfunding", Sheikh Hamdan said in a statement.
"It will also empower a generation that is capable of innovating to succeed in a competitive commercial environment, thus reinforcing the fundamental role of SMEs in economic development so that the UAE can continue to stand as a model for youth empowerment,” he added.
Crowdfunding – a type of alternative finance – refers to the practice of funding a project or venture by raising small amounts of capital from a large group of people, usually through the internet.