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The fund will provide venture capital in the region, as well as advance medical innovation and tap invention, manufacturing and clinical strengths in the Middle East. International Finance Corporation, a member of the World Bank Group, is the lead investor.
Peggy Farley, one of the general partners of the fund, explained that the lack of venture capital opportunities in the Middle East had stifled the development of an internationally-viable medical technology industry.
"In the United States, a high proportion of GDP has historically gone towards financing entrepreneurs, physicians, engineers and start-up companies, and we will bring this expertise —and best practice framework — to replicate this success in the Middle East," she added.
The emirate is exploring several innovative ideas to ensure food security in the future
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