The UAE’s ICT Fund has committed Dh22 million ($6 million) towards its applied and basic research and development initiative.

The initiative is one facet of the fund’s three-pronged approach to bring the ICT sector to the competitive forefront in the global arena, said a statement.  

Tasked with the initiative to develop homegrown innovative technology solutions, the ICT Fund aims to foster a self-reliant knowledge-based economy in the UAE. 

The new funding was announced at a workshop held at The Palace at The Address in Old Town in Dubai which brought together professors, representatives from multinational organizations and government officials.

Chairman for the ICT Fund, Dr Abdulqader Al Khayat, stated: “The ICT Fund’s initiative will promote growth for the industry in the UAE.  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 related to information and communication technology.  The workshop and ongoing funding for the ICT sector is a testament to our perseverance in bringing about positive growth in the economy with immediate results.”

ICT Fund provides generous grants to research projects, which result in the development of applied R&D, and the generation of related patents and research papers. In addition, it is actively supporting the commercialisation of applied R&D, leading to the establishment of start-ups in the ICT sector, said the statement. – TradeArabia News Service