The recent inking of a partnership between the UAE’s Ministry of Economy and Arizona State University is expected to act as a germination pod for new small and medium scale enterprises (SMEs) in the fields of innovation, technology, and entrepreneurship.
In a recent ceremony, a Memorandum of Understanding (MoU) was signed between the UAE’s Ministry of Economy and the Arizona State University, focused on the field of innovation and SMEs, taking the already thriving bilateral trade relationship between the US and the UAE to the next level. The MoU was signed by Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, and Dr. Michael M. Crow, President of Arizona State University.
“As per the agreement, two parties will cooperate in various fields related to innovation and entrepreneurship, to facilitate the transfer of technology and enhance the diversification and competitiveness of the national economy by increasing the role of SMEs in development,” stated the Emirates News Agency WAM.
During the launch, Al Mansoori was quoted saying, “Encouraging entrepreneurship among citizens and supporting SMEs in the UAE are major focus areas in the economic policy pursued by the country. MoU signed with the ASU is of great significance as it presents an important opportunity for business leaders and owners of SMEs in the country to benefit from the university’s pioneering experiences and its partners in the private sector in various fields related to innovation.”
The benefiting companies will be from the fields of technology and business development, along with a variety of sectors on the UAE’s economic agenda and innovation strategy, including renewable energy, space and technology, and food research and health care.
From technology to education, health care, sustainability, innovation, renewable energy, water, and space exploration, the scope of the MoU is extensive. Therefore, it is incredibly beneficial for a large number of SMEs to learn and explore not just the UAE’s thriving business landscape but also the ‘International Future Laboratory’ of Arizona State University. ASU’s laboratory focuses on sustainability, food security, water, and energy, as well as the ‘SkySong’ innovation program for technology transfer, patents, and Artificial Intelligence.
The MoU will enable the ministry and the university to establish joint projects to help inventors and young entrepreneurs to test and develop innovative ideas, inventions, and projects. This presents a plethora of opportunities to SMEs that are working in the fields mentioned above. The partnership will also create a learning platform for entrepreneurs in both the United States and the UAE.
The overarching benefits will also include a healthy boost to the bilateral trade between the US and UAE, which amounted to $24.38 billion in 2019, making the UAE the largest export market in the Middle East for the US.
This agreement will position UAE as a leading global hub in the field of innovation, opening doors for many regional and global enterprises to make the country their operation hub.
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