BP Ventures, the corporate venturing arm of UK-based oil and gas company BP, has launched an Abu Dhabi-based accelerator programme in partnership with university Masdar Institute of Science and Technology.
The BP and Masdar Institute Technology Accelerator will support startups focusing on emerging energy, water and other sustainable technology. It will sponsor technical research, as well as providing commercial input, mentoring and business plan support.
The accelerator will also work with local partners to develop technology incubators and seed funds, and BP Ventures will seek to help connect local stakeholders to global investors and potential buyers.
Issam Dairanieh, managing director of BP Ventures, told Global Corporate Venturing: “Basically, BP is creating the first tech accelerator in the Middle East focused on sustainability. I am serving as a co-director and the objective is to create different elements of the innovation ecosystem in the United Arab Emirates.”