The United Arab Emirates (UAE) has recently launched a new fund to finance the development of advanced technology in developing nations. 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 aim of this fund is to make technologies developed by the UAE available to governments and organizations in poorer nations, as well as to finance research projects. Faisal Al Bannai, the Secretary General of the ATRC, stated that this initiative serves as an opportunity for developing nations to access advanced technologies and research, ultimately contributing to their progress and growth.
Al Bannai also emphasized that the UAE is taking on this risk and funding these projects in order to fulfill their goal of spreading technology and innovation to other parts of the world. He stated that solutions developed through this process would then be either donated to the country or sold to them at an affordable price. This shows the UAE’s commitment to supporting countries in need and creating a positive impact on a global scale.
The announcement of this fund was made at the World Governments Summit in Dubai, showcasing the UAE’s dedication to global development and technological innovation. This initiative serves as an example of how governments can work together to solve problems and promote progress on a global scale. It also highlights how private sector funding can play a crucial role in supporting economic and social development projects in developing nations.