UAE Launches Fund to Finance Technology Development in Developing Countries
The United Arab Emirates has taken a significant step towards supporting technological advancement in developing countries by launching a $200 million fund. The fund, financed by the Abu Dhabi government, aims to finance the development of sophisticated technology in nations that are striving to progress in this digital era.
Overseen by the Gulf state’s Advanced Technology Research Council (ATRC), the fund is expected to play a crucial role in opening up access to advanced technologies developed by the UAE for governments and organizations in poorer nations. ATRC Secretary-General Faisal Al Bannai highlighted the importance of this initiative, stating that the fund would not only provide financial support for research projects but also facilitate technology transfer to address specific needs identified by recipient countries.
Speaking at the World Government Summit in Dubai, Al Bannai emphasized that the UAE is committed to making a tangible difference through this endeavor. He stated, “We will make the country a private client so we can test what they need to solve. The solution would be donated to the country or sold at an affordable price. We are financing it, we are taking the risk.”
This move reflects the UAE’s ongoing efforts to leverage its resources and expertise for global development. In recent years, the country has channeled government funds for economic and social development projects in Africa and Asia through its development agencies and foreign aid organizations.
According to the sourcethis initiative underscores the UAE’s commitment to fostering innovation and progress on a global scale. By investing in technology development in developing countries, the UAE is not only promoting sustainable growth but also strengthening international partnerships for shared prosperity.
The launch of this fund represents a significant milestone in advancing technological capabilities across borders and creating opportunities for collaboration between nations. As developing countries strive towards digital transformation, initiatives like these play a pivotal role in bridging technological gaps and driving inclusive growth on a global scale.
With its vision and commitment to driving positive change, it is evident that the United Arab Emirates continues to be at forefront of promoting innovation and development worldwide.