18 July 2018

ADDED sings a cooperation agreement with Emirates Development Bank and Mohammed Bin Rashid Innovation Fund

Abu Dhabi July 17, 2018

Abu Dhabi Department of Economic Development (ADDED) signed two cooperation agreements with Emirates Development Bank and Mohammed Bin Rashid Innovation Fund, under the Technology and Innovation Pioneers Initiative. Aiming to support and fund innovation, inventors, small- and medium-sized enterprises and transferring innovative ideas into tangible products with an economic value, so as to contribute to achieving prosperity and progress to the economic sector in the United Arab Emirates. 

In the presence of HE Saif Mohammed Alhajiri Chairman of ADDED H.E. Khalifa Bin Salem Almansouri, Undersecretary of the ADDED signed the agreements with H.E. HAYTHAM KAMHIYAH Chief Executive Officer of Emirates Development Bank as the representative Mohammed Bin Rashid Innovation Fund, in the presence of a number of officials from both sides. 

Under this agreement, ADDED and Emirates Development Bank shall collaborate to enhance the Technology and Innovation Pioneers Initiative, by supporting the largest number of start-up companies working in the field of technology. Support will be through the provision of facilitations and financial support in accordance with the laws & regulations of both sides.

The agreement signed between the ADDED and Mohammed Bin Rashid Innovation Fund, further identified the joint working mechanism. In order to connect business incubators with economic & industrial sectors, and to undertake feasibility studies and technology assessment of start-up companies by the Technology and Innovation Pioneers Initiative. 

H.E. Khalifa Bin Salem Almansouri, Acting Undersecretary of the ADDED stated that the agreement is part of the department efforts and keenness to fulfill sustainable economic development by following the principles of knowledge-based economy and proposing strategic & executive plans for the economic sector. In accordance with the relevant legislations, agreements and conventions applied at the local and international levels, pursuant to Law No. (7) of 2018 regarding on the restructuring of the Department of Economic Development, DED. 

Moreover, he clarified that the agreements signed with Emirates Development Bank and Mohammed Bin Rashid Innovation Fund represent the ADDED keenness to strengthen collaboration and efforts with its strategic partners. Which are directed to ensure the achievement of a sustainable, balanced and varied economy based on knowledge and innovation. 
Also, H.E. Almansouri indicated that (TAKAMUL) Program of the ADDED is a national program developed for supporting innovation, aiming to reinforce innovation culture in the United Arab Emirates. By ensuring the provision of thematic support starting from raising awareness and creating ideas until their application and transferring to products and services with economic values.

H.E. Almansouri added that (TAKAMUL) Program focuses on a variety of strategic sectors targeted by the UAE 2021 vision. Which are health, information technology, communication, clean technology, semiconductors, oil, gas, energy, infrastructure, advanced materials. In addition to provide support to the business incubators and start-up companies in the fields of modern technology, to create an attractive environment for business and entrepreneurship.  

On his part, H.E. HAYTHAM KAMHIYAH Chief Executive Officer of Emirates Development Bank put emphasis on the bank’s keenness to work under a clear vision and a well-defined effective message. To begin with in collaboration with the strategic partners, within large-scale efforts being undertaken to build a national varied economy based on innovation, and enhances sustainable development for dynamic sectors within national economy.  

Additionally, he stated that the agreement signed with ADDED represented by the Technology and Innovation Pioneers platform aims at creating a working mechanism, through which the Bank provides funding and services to the innovators, under conditions to guarantee a sustainable growth for business sector and promotes its contribution to the process of development. 

H.E. HAYTHAM KAMHIYAH Indicated that collaboration between the Emirates Development Bank and Mohammed Bin Rashid Innovation Fund will make a contribution to providing additional job opportunities for the UAE nationals. And it would go a long way towards following smart industries sectors and the establishment of economic and development ventures in the UAE. 

Under this agreement, It is worth to be noted that ADDED works to involve between the Emirates Development Bank as a supportive partner within the Technology and Innovation Pioneers Initiative. In addition to support the patent based on measures, standards and mechanisms applied in the (TAKAMUL) Program, and assessment of technology and patents according to measures, standards and mechanisms applied. Further to providing support to modules and assessments for the start-up companies in the field of technology, and to engage the bank within the new services & initiatives taken by the ADDED. 

Mohammed Bin Rashid Innovation Fund supports the Technology and Innovation Pioneers Initiative by funding inventors and innovations of the start-up companies as well as the small- and medium-sized enterprises under the conditions, laws and approvals of the Fund.