The UAE's Ministry of Economy has revealed the finalizing of a series of new critical Memorandums of Understanding (MoUs) with 14 government entities as part of the launching of the National Program for Supporting Young Innovative Business. The signings were hung on the sidelines of the Ministry's involvement in the government Accelerators; a new government technique developed to increase the success of the National Program of UAE Vision 2021. The government entities that have authorized brand-new collaborations with the Ministry of Economic climate consist of the Ministry of Finance, the Telecommunications Regulatory Authority (TRA), the Securities & Commodities Authority, Takamul Program, Emirates Development Bank, Mohammed Bin Rashid Innovation Fund, Khalifa Fund for Enterprise Development, Dubai SME, Sharjah Entrepreneur Center (Sheraa), RAK SME, Umm Al Quwain Chamber, Khalifa University, United Arab Emirates University and the University of Dubai.
The National Program for Supporting Young Innovative Firms is among the key efforts adopted within the framework of the Government Accelerators platform, which the Ministry of Economic climate is aiming to achieve within the stipulated 100 days, and the platform aims to improve the innovation and business climate in the UAE and elevate the nation's rank in the Global Innovation Index.
According to the Ministry of Economy, the freshly signed memorandums will help bring in the National Program for Sustaining Young Innovative Business to the next level by establishing a more unified structure and requirements based on national innovation guidelines and signs. The MoUs likewise handle the main launch of the next stage of the program and the issue of 50 membership certificates, which seeks to enable the projects to benefit from the incentives supplied by the program partners.
H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, shared that The National Program for Supporting Young Innovative Companies stands for an important nationwide initiative to promote the growth of innovation in the economic sector. The support of innovation-based startups in this program contributes considerably to the accomplishment of the purposes set in UAE Vision 2021, especially the structure of a competitive knowledge and innovation-based economy.
H.E Al Mansoori said the MoUs likewise emphasize the Ministry of Economic situation's eagerness to sustain start-ups in the country with the required hand holding, funds and rewards had to ensure their proceeded success and initiatives to transform their ideas right into fact, and in turn, add to financial development.
H.E Eng. Mohammed bin Abdul Aziz Al Shehhi, Undersecretary of Economic Affairs in the Ministry of Economy, mentioned that the MoUs cover all legal, economic and technological aspects of the assistance structure for start-up firms - enabling them the capability to change brand-new and innovative ideas to economically viable alternatives.
Lastly, H.E. Abdullah Sultan Alfan Alshamsi, Assistant Undersecretary at the Ministry of Economy and Head of the Executive Team of the Global Innovation Index, clarified that the program's team made significant progress throughout the execution phases of the effort's launch timeline.