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Office of Competitiveness Abu DhabiAs part of the Abu Dhabi Department of Economic Development (added), the company has launched a new programme aimed at helping innovators turn their ideas into commercial projects.
It added on Friday that the Abu Dhabi Innovation Incubator programme will support a “diversified, robust, smart and sustainable economy”.
It is part of 14 initiatives under the Abu Dhabi Innovation programme launched in May to promote Emirate Innovation Ecosystem.
The new plan focuses on developing clusters with high growth potential, including IoT, data centers, cloud services, e-commerce, smart manufacturing, clinical research, asset management, commodity trading, tourism, fintech and agtech.
Sameh Al Qubaisi, Director General of Additional Economic Affairs, said this will strengthen the innovation ecosystem, support the development of the business environment and strengthen Abu Dhabi’s position regionally and globally.
“This show… [also] Provide a regulatory and institutional framework to support innovation and R&D in key economic sectors,” he said.
“This will be achieved by following a range of policies and regulations to ensure innovation incubators are well-equipped and have the right operating model to support innovators at different stages.”
Abu Dhabi’s economy rebounded strongly last year as government measures to contain the impact of the outbreak COVID-19 pandemic.
Mohammed Al Shorafa, Additional Chairman, said growth momentum has picked up this year and the emirate’s economy is expected to grow by 6 to 8 percent over the next two years, april says.
S&P expects Abu Dhabi’s economy to accelerate to more than 5% in 2022, with output reaching 2019 levels in 2023.
Innovation incubators are one of the main drivers of encouraging individuals and providing incentives. They support and turn ideas or scientific inventions into business opportunities.
The program is in line with Additional’s commitment to support and develop prosperity projects and provide a regulatory and institutional framework to support innovation and research and development in key economic sectors.
Sameh Al Qubaisi, Added Director General for Economic Affairs
It added that public and private institutions that invest in innovative technological solutions and support R&D are eligible for an innovation incubator license after a thorough review by experts.
In the past, various academic and private institutions have obtained incubator licenses. They include Khalifa University, Al Ain University, Abu Dhabi University, Advanced Institute of Technology, Khwarizmo International College, NYU Abu Dhabi, Plug and Play and Fat6lab.
“The programme will also facilitate access to financing opportunities and business deals, and encourage entrepreneurs and investors to engage with trusted incubators, select innovation investments and support innovators in overcoming the challenges of success,” said Hala Al Ameri, Executive Director, Director Abu Dhabi Competitiveness Office.
Updated: August 12, 2022 3:40pm
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