The UAE has recently launched a fund worth $200 million to finance the development of advanced technology in developing nations. This fund, which is being financed by the Abu Dhabi government 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 nations, as well as to finance research projects.
Faisal Al Bannai, Secretary General of the ATRC, stated that this 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 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. This 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.