Business News
Innovation key to UAE’s economic diversification – minister
Abu Dhabi: The UAE’s goal of economic diversification will only come through innovation and the creation of a knowledge-based economy, said the Minister of Economy, Saeed Al Mansouri, at the Technology Innovation Pioneers Summit 2020 in Abu Dhabi.
Launched by the Ministry of Economy and the Department of Economic Development – Abu Dhabi, the initiative is aimed at supporting startups and innovators who develop solutions that address challenges facing various sectors. This year’s edition saw over 4,000 applications submitted from over 90 countries, with the 30 finalists awarded at a ceremony on Tuesday at New York University Abu Dhabi.
“As the UAE moves ahead on the path of economic diversification to establish a competitive economy based on knowledge; we believe the potential of promoting an environment of innovation, technology, scientific research and intellectual property,” said Al Mansouri.
There is no doubt that breakthrough technological transformations of the industrial and economic structure are very much the need of the hour… We’re confident that the developments… in innovation and technology can change the nature of our future professions, industry, cities and the way humans live
“There is no doubt that breakthrough technological transformations of the industrial and economic structure are very much the need of the hour… We’re confident that the developments… in innovation and technology can change the nature of our future professions, industry, cities and the way humans live,” he added.
“The UAE has placed a great emphasis on empowering creators and innovators by ensuring all form of support by enabling them to innovate and contribute to the UAE’s economic and social development,” he said.
Global Hub
Rashid Abdulkarim Al Blooshi, undersecretary of the Department of Economic Development – Abu Dhabi, said the UAE’s capital was fast becoming a global hub for innovators.
“The awareness today [has increased], Abu Dhabi has become one of the places where innovators are looking at.
“On one hand there are the rules, regulations and the attractiveness of these ideas to come to us here, and then the eco system that we talk about are available,” he added.
“Today, we have Hub71, Abu Dhabi Global Market, Masdar and other different entities [all open to innovators],” he said.
Al Blooshi also said that innovative growth would mostly be led by the private rather than public sector, highlighting the government’s role as providing the right framework for innovators and startups to thrive.
“The best ideas will come from non government sectors – the private sector. We encourage all stakeholders, be they students, professors or specialists in their own field to participate in putting innovative services toward solving challenges that we face.”