x Abu Dhabi, UAEMonday 22 January 2018

Fund launched to develop ICT

A fund worth Dh22 million this year has been launched to provide financing for research and start-up companies.

DUBAI // A Dh22 million fund has been launched to help improve the technology sector, particularly in research and development.

A workshop with professors, government officials and international groups will give universities and research organisations advice on how to apply for money from the ICT Fund.

"The ICT Fund's initiative will promote growth for the industry in the UAE," said Dr Abdulqader al Khayat, the chairman of the fund. "Developing the ICT sector in the UAE will continue to diversify our local economy, in addition to creating a competitive edge in the global market."

Dr Eesa Bastaki, the chief executive of the ICT Fund, said the aim was to create an "ICT ecosystem" for the country that fosters education and encourages innovation and entrepreneurs.

"Our vision is to create this outcome in the next five years: Made in the UAE, Sold Globally," said Dr Bastaki.

The ICT Fund will also help to set up the infrastructure in research institutions and local companies to eventually develop cutting-edge products and services.

Fund officials said it would provide generous grants to projects that lead to patents and research papers.

It will also actively support start-up companies.