The technological solutions developed will be either donated or sold at affordable prices to the needful nations.
The United Arab Emirates (UAE) launched a $200 million fund to support the growth of advanced technology in developing countries, on Monday. It aims to catalyse the development and promotion of sophisticated technologies to assist governments and organisations in less affluent nations.
The initiative is backed financially by the Abu Dhabi government and the fund will be managed by the UAE’s Advanced Technology Research Council (ATRC). Faisal Al Bannai, the Secretary General of ATRC, shared insights on the fund’s objectives during the World Governments Summit in Dubai.
Their plan is to share technologies developed within the Gulf state with developing nations, supporting research projects that cater to the specific needs of these countries. The approach involves the UAE becoming a private client for these countries, testing and developing solutions for their unique challenges.
Al Bannai outlined two potential outcomes for the technologies developed: they could either be donated to the beneficiary country or sold at an affordable price. The solution would either be donated to the country or sold to it at an affordable price. “We are funding it, we are taking the risk,” Al Bannai said.
This move aligns with the UAE’s broader strategy of using its resources for economic and social development projects across Africa and Asia. The country has a history of channelling government funds through its own development agencies and foreign aid organisations to support growth and development in these regions.