The United Arab Emirates has recently launched a fund to finance the development of advanced technology in developing nations. The aim of the fund, which has an initial capital of $200 million, is to make technologies developed by the UAE available to governments and organizations in poorer nations, as well as to finance research projects.
The Gulf state’s Advanced Technology Research Council (ATRC) will oversee the fund and its implementation. ATRC Secretary General, Faisal Al Bannai, stated 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.
Al Bannai 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. 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 opportunity for developing nations to access advanced technologies and research, ultimately contributing to their progress and growth. It is in line with the UAE’s continued efforts to support and aid countries in need, demonstrating their dedication to creating a positive impact on a global scale.