UAE Introduces Technology Fund to Support Developing Nations, ET Telecom Reports

United Arab Emirates Launches $200 Million Fund to Support Technological Development in Developing Nations

The United Arab Emirates is launching a $200 million fund to finance the development of advanced technology in developing nations. This initiative, led 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 and finance research projects.

The fund was financed by the Abu Dhabi government and is being overseen by ATRC Secretary General Faisal Al Bannai, who stated at the World Governments Summit in Dubai that this initiative represents the UAE’s efforts to support technological and economic development in developing nations. Al Bannai also announced that the UAE will become a private client for these technologies, allowing it to test what it needs solved, and that the solution will either be donated to the country or sold to it at an affordable price.

In addition to funding economic and social development projects in Africa and Asia through its own development agencies and foreign aid organizations, the UAE is taking a risk with this new fund and investing heavily in technological advancement. The goal is to make cutting-edge technology accessible to those who need it most, while also promoting economic growth and stability in developing nations.

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