Department of Economic Development of Abu Dhabi and Abu Dhabi Global Market Form New Partnership to Further Advance Innovation Across Key Industries in Abu Dhabi
Augmenting the Technology Innovation Pioneers (TIP) Platform under the Takamul Programme
17 September 2018, Abu Dhabi, UAE: The Department of Economic Development (DED) in Abu Dhabi and Abu Dhabi Global Market (ADGM) today signed a Cooperation Agreement to provide more integrated support for innovators and technology enterprises across various key industries leveraging the Technology and Innovation Pioneers (TIP) Platform under DED’s Takamul Programme. The new partnership will serve to enhance the innovation and technology ecosystem in Abu Dhabi and the UAE, encouraging the growth of small and medium-sized enterprises (SMEs) and serve the innovation lifecycle.
The agreement was signed by HE Saif Mohamed Al Hajeri, Chairman of the Department of Economic Development and HE Ahmed Al Sayegh, Chairman of Abu Dhabi Global Market, at the FinTech Abu Dhabi Summit 2018. FinTech Abu Dhabi 2018, a two-day specialised FinTech event, is held under the patronage of His Highness Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council.
The new partnership between DED and ADGM will include numerous aspects such as:-
- fostering cooperation in services pertaining to innovation and technology under the Takamul Programme
- promoting awareness and support of Technology and Innovation Pioneers (TIP) Platform and its services
- collaborating on joint entrepreneurial and leadership development initiatives
- providing business incubation support to tech start-ups leveraging ADGM’s innovation programmes
- connecting technology business incubators with the economic and industrial sectors
- use of ADGM facilities and ecosystem to support innovative entrepreneurs and business incubators
HE Saif Mohamed Al Hajeri, Head of the Department of Economic Development, said that innovation has become a focal point in Abu Dhabi’s plans, programmes and initiatives due to its vital role in building a knowledge-based economy and transforming new and transformative ideas into economic value promoting economic growth and development locally and nationally. He added that its strategic partners and concerned parties, the Department strives to lead the economic agenda of the Emirate of Abu Dhabi to achieve a sustainable, balanced and diversified economy based on knowledge and innovation.
He indicated that Takamul Programme is a national innovation programme that supports inventors and fosters a culture of innovation in the UAE by providing specialised support for all stages of innovation, beginning with awareness-raising and idea generation, to application and commercialisation with economic returns.
HE Ahmed Al Sayegh, Chairman of Abu Dhabi Global Market (ADGM), said : “ADGM is looking forward to working closely with the Department of Economic Development (DED) in supporting the Takamul Programme and the Technology and Innovation Pioneers (TIP) Platform initiative. Through our joint efforts, we aim to nurture more innovators and innovative enterprises and assist them in bringing their great ideas into fruition, thereby adding value and benefiting our industries and economy in the long-term.”
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs the Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and success within an international regulatory framework based on Common Law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for two consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
* Source : The Global Investor Middle East and North Africa (MENA) Awards