• Sat. Mar 2nd, 2024

UAE Launches $200 Million Fund to Promote Technological Advancement in Developing Nations

ByEditor

Feb 12, 2024
UAE introduces technology fund to support developing nations in ET Telecom sector

The Gulf state of United Arab Emirates (UAE) has recently launched a 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 ATRC Secretary General, Faisal Al Bannai, stated that the aim of this fund is to make technologies developed by the UAE available to governments and organizations in poorer nations. Additionally, it will finance research projects aimed at finding solutions to specific problems faced by these countries. He 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.

Al Bannai also mentioned that this initiative would enable the country to become a private client for testing and solving specific needs. The solutions developed through this process would then be either donated or sold to these countries at an affordable price. This move shows the UAE’s commitment to global development and technological innovation, as well as its dedication to helping countries in need progress and grow.

This announcement was made at the World Governments Summit in Dubai, showcasing the UAE’s continued efforts to support and aid countries in need. This initiative serves as an opportunity for developing nations to access advanced technologies and research, ultimately contributing to their progress and growth. This aligns with the UAE’s continued efforts to support economic and social development projects in Africa and Asia, demonstrating their commitment

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