The UAE recently launched a $200 million fund to finance the development of advanced technology in developing countries. This initiative, funded by the government of Abu Dhabi and overseen by the Gulf state’s Advanced Technology Research Council (ATRC), aims to make technologies developed by the UAE available to governments and organizations in poorer countries, as well as to finance research projects.
According to ATRC Secretary General Faisal Al Banai, the goal of this fund is to allow the country to become a private client and test specific needs. The solutions developed through this process would either be donated to the country or sold at an affordable price. Al Banai emphasized that the UAE is taking on this risk in order to fulfill its goal of spreading technology and innovation across the globe.
The announcement of this fund was made at the World Government Summit in Dubai, demonstrating the UAE’s commitment to global development and technological innovation. This initiative serves as an opportunity for developing countries to access advanced technologies and research, which ultimately contributes to their progress and growth.
This is in line with the UAE’s ongoing efforts to support and assist countries in need, demonstrating their commitment to making a positive impact globally. With this fund, developing countries can now take advantage of cutting-edge technologies that can improve their quality of life, boost economic growth and promote sustainable development.