UAE Initiates Tech Fund For Developing Countries

On Monday, the United Arab Emirates initiated a fund aimed at supporting the advancement of advanced technology in developing countries. The fund, backed by $200 million from the Abu Dhabi government, is under the supervision of the Advanced Technology Research Council (ATRC) of the Gulf state.

Faisal Al Bannai, the Secretary General of ATRC, highlighted that the fund aims to extend access to technologies developed by the Gulf state to governments and organizations in less affluent nations, while also providing financial support for research initiatives.

“At the World Governments Summit in Dubai,” he announced, “we aim to designate the country as a private client for us to address their needs.” Al Bannai emphasized that the solution would be either offered as a donation or sold at a reasonable price to the country. “We’re providing the funding and assuming the risks,” he added. The UAE has directed government funds toward economic and social development initiatives in Africa and Asia, utilizing its development agencies and collaborating with foreign aid organizations.