The UAE has recently launched a new fund to support the development of advanced technology in developing nations. The $200 million initiative, which is being financed by the Abu Dhabi government, will be overseen by the Gulf state’s Advanced Technology Research Council (ATRC). ATRC Secretary General Faisal Al Bannai stated that the fund’s goal is to make technologies developed in the UAE available to governments and organizations in poorer nations, as well as to finance research projects.
Al Bannai emphasized that this fund would enable the country to become a private client for testing and solving specific needs of other countries. The solutions developed through this process would then be either donated or sold at an affordable price to those countries. He said that this initiative 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, showcasing the UAE’s commitment to global development and technological innovation. This initiative aligns 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.