The United Arab Emirates has launched a fund to finance the development of sophisticated technology in developing nations. The fund, which has a capital of $200 million, is being overseen by the Gulf state’s Advanced Technology Research Council (ATRC). The fund was financed by the Abu Dhabi government, and is aimed at opening up technologies developed by the Gulf state to governments and organisations in poorer nations, and finance research projects.
ATRC Secretary General Faisal Al Bannai said that they are planning to open up technologies developed by the Gulf state to governments and organizations in poorer nations. He also said that they will have the country become a private client for them to test what they need solved, and that the solution would either be donated to the country or sold to it at an affordable price. The UAE has also channeled government funding for economic and social development projects in Africa and Asia through its own development agencies and through foreign aid organizations.
At the World Governments Summit in Dubai, Al Bannai stated that the UAE is taking the risk and funding the development of these technologies. This initiative is part of the UAE’s efforts to support technological and economic development in developing nations.