The money is meant to ensure the former jockeys receive appropriate salaries, the BBC reported. The money will also go toward education.
The move comes as part of a joint program with the United Nations children's agency UNICEF.
Sheikh Mohammed bin Rashid Al Maktoum, the prime minister of the UAE, is among those accused of trafficking and enslaving children.
Although camel racing is still popular in the region, robots now sit on the backs of competing camels, the BBC said.