UAE Government Establishes Technology Fund for Developing Nations

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UAE Government Establishes Technology Fund for Developing Nations
UAE Government Establishes Technology Fund for Developing Nations

The UAE government launched a fund on Monday to support the development of sophisticated technology in developing countries.

The United Arab Emirates government established a fund on Monday to support the development of advanced technology in underdeveloped countries.

The fund was established with a $200 million cash investment from the Abu Dhabi government and would be administered by the Gulf State’s Advanced Technology Research Council (ATRC), the council stated.

ATRC Secretary General Faisal Al Bannai stated that the fund would make Gulf-developed technologies available to governments and organisations in developing countries, as well as finance research projects.

“We will have the country become a private client for us to test what they need solved,” he stated at the World Government Summit in Dubai.

The answer would be either gifted to the country or sold to it at a reasonable cost. “We are funding it, so we are taking the risk,” Al Bannai stated.

The UAE has provided government support for economic and social development initiatives in Africa and Asia through its own development agency and foreign assistance organizations.

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