• Fri. Mar 1st, 2024

Unleashing Innovation: UAE’s $200 Million Tech Fund for Developing Nations

ByEditor

Feb 12, 2024
UAE introduces technology fund to support developing nations in ET Telecom sector

The United Arab Emirates has recently launched a fund to finance the development of advanced technology in developing nations. This initiative serves as an opportunity for developing countries to access advanced technologies and research, ultimately contributing to their progress and growth.

The fund, which has an initial capital of $200 million, is being financed by the Abu Dhabi government and will be overseen by the Gulf state’s Advanced Technology Research Council (ATRC). The ATRC Secretary General, Faisal Al Bannai, stated that the fund’s aim is to make technologies developed by the UAE available to governments and organizations in poorer nations, as well as to finance research projects.

Al Bannai also mentioned that the fund would enable the country to become a private client to test and solve their specific needs. The solutions developed through this process would then be either donated to the country or sold to them at an affordable price. He emphasized that the UAE is taking the risk and funding these projects, in order to fulfill their goal of spreading technology and innovation to other parts of the world. Additionally, the UAE has a history of providing government funding for economic and social development projects in Africa and Asia.

The announcement of this fund was made at the World Governments Summit in Dubai, showcasing the UAE’s commitment to global development and technological innovation. This initiative serves as an example of how governments can work together towards common goals, using resources and expertise to drive positive change on a global scale.

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