The Gulf state’s Advanced Technology Research Council (ATRC) has launched a $200 million fund to finance the development of sophisticated technology in developing nations. The fund, which is being overseen by ATRC Secretary General Faisal Al Bannai, aims to open up technologies developed by the UAE to governments and organizations in poorer nations and finance research projects.
Al Bannai stated at the World Governments Summit in Dubai that the UAE is taking the risk and funding the development of these technologies as part of its efforts to support technological and economic development in developing 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 channeled government funding for economic and social development projects in Africa and Asia through its own development agencies and through foreign aid organizations. This initiative is a reflection of the UAE’s commitment to promoting technological advancement and economic growth in developing nations.