UAE starts tech fund for developing nations
The fund—announced at this year’s World Governments Summit hosted bby the UAE—”serves as a channel for countries worldwide to tap into the UAE’s technological expertise to address their unique challenges.”
The United Arab Emirates (UAE) has unveiled a $200 million technology fund aimed at bolstering sustainable technological developing in less affluent countries. Announced on 12 February 2024, the Abu Dhabi government financed the initiative and overseen by the Gulf state’s Advanced Technology Research Council (ATRC).
The fund’s primary objective is to make UAE-created technologies accessible to governments and organizations in developing countries—with an emphasis on sustainable development. The outcomes of these projects will be either donated or sold at affordable prices, underscoring the UAE’s commitment to shouldering the financial risks associated with technological ventures.
Implemented through the ATRC Global Tech R&D Platform and launched at the World Governments Summit (WGS) 2024, this initiative invites applications from governments, organizations, and eligible stakeholders worldwide. The platform focuses on collaboration and inclusivity, aiming to bridge technology gaps across six priority sectors: Aerospace and Space, Food and Agriculture, Healthcare, Safety and Security, Sustainability, Environment and Energy, and Transport.
Why does it matter?
By absorbing resource and research costs, the fund enables the development of sophisticated technological solutions, empowering these nations to keep pace with the latest advancements. This initiative aligns with the UAE’s broader efforts to promote economic growth and technological innovation globally, particularly in emerging and developing regions, signaling a commitment to bridging the technological divide and promoting inclusive growth on the global stage.
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