The United Arab Emirates has launched a new fund aimed at financing the development of advanced technology in developing nations. This $200 million fund, backed by the Abu Dhabi government and overseen by the Gulf state’s Advanced Technology Research Council (ATRC), will help make technologies created by the UAE accessible to governments and organizations in poorer countries.
The ATRC Secretary General, Faisal Al Bannai, stated that the fund’s goal is to not only finance research projects but also enable the country to become a private client to test and solve their specific needs. The solutions developed through this process will then be either donated to the country or sold to them at an affordable price.
The UAE has a long history of providing government funding for economic and social development projects in Africa and Asia. This new initiative showcases their continued commitment to global development and technological innovation. It serves as an opportunity for developing nations to access advanced technologies and research, ultimately contributing to their progress and growth.
The announcement of this fund was made at the World Governments Summit in Dubai, further highlighting the UAE’s dedication to creating a positive impact on a global scale. With this fund, they are taking on the risk of funding these projects in order to fulfill their goal of spreading technology and innovation throughout the world.