Month: March 2023

Investopia 2023 announced the launch of its newly innovative investment platform “Marketplace”, with the aim of enhancing the UAE attractiveness to foreign investments in various economic and commercial sectors, in particular the new economy sectors, and with the aim to position the UAE as a leading investment destination on the regional and global level.

The launch will take place during the 2nd edition of Investopia conference on the 2nd and 3rd of March in the UAE capital, Abu Dhabi.

In this regard, Abdullah bin Touq Al Marri, Minister of Economy and Chairman of Investopia, said that due to the directives and the vision of the UAE’s wise leadership, the UAE has pursued competitive and flexible investment policies that have been instrumental in enhancing its investment climate and positioning it as a prominent player on the global investment map.

Al Marri highlighted that the “Marketplace” platform supports the UAE’s ambitious vision “We the UAE 2031″, which aims to establish the country as a leading global partner and a desirable and influential economic centre by providing new investment opportunities and enablers to business communities through a single portal, which enhances the country’s appeal to potential investors and supports the national target of doubling the country’s gross domestic product to reach 3 trillion AED by 2031.”

Investopia Marketplace is open to members of the Investopia community, including local, regional, and global partners, venture capitalists and angel investors, institutional investors, large investment funds, sovereign wealth funds, family investment offices, and banks.

The platform provides opportunities in all promising sectors of the new economy such as renewable energy, healthcare, transportation, logistics, agricultural and financial technology, and other promising new sectors that benefit from technology and innovation and lead growth in the next decade in the UAE, which contributes to increasing the flow of investments towards future projects and sectors.

Investopia will also support the UAE objectives on the international level, in particular through supporting its green growth agenda, and work on spurring international investments in sustainable and environment-friendly projects.

Investopia will engage and work closely with its strategic partners and industry leaders, including the International Finance Corporation (IFC), SALT, Crypto.com, and iConnections to develop this newly launched platform. All details on how to register and participate in this platform will be announced in the next stage.

The platform’s will allow companies from the public and private sectors, institutions, governments, and investors from Investopia communities worldwide to explore and invest in opportunities, including the cities which hosted Investopia’s Global Talks like New York, Milan, Rabat, New Delhi, Mumbai, Cairo, Havana, and others, in addition to the strong bilateral economic relations between the UAE and these destinations, in which the platform can source investment opportunities from these different countries and others.

Within the platform’s working mechanism, companies, institutions, and governments are guaranteed to present their investment projects and opportunities, sectors, locations, stages, goals, and the capital needed for the project. In turn, Investopia communities of investors and partners review projects and choose the ones that are suitable for their portfolios and investment strategies.

Adding to the platform’s work mechanism and subsequent steps, Investopia actively seeks to collaborate with partners from all over the world to attract more investment projects that can play a vital and strategic role in the global economy.

Additionally, Investopia is reaching out to investor communities to provide them with an opportunity to view the projects’ evaluations according to their strategies and investment portfolios. By building comprehensive information that is permanently accessible to the Investopia community, The Marketplace is aiming to be the go-to platform for investment projects.

The “Marketplace” currently includes various investment projects proposed by many countries around the world, particularly in the energy sector such as hydropower, and projects in agriculture from Kyrgyzstan. In addition, there are projects in sectors such as energy and electricity from Romania.

Investopia adopts an ambitious target of accelerating the pace of attracting investments to the country and attracting AED 550 billion of inward foreign direct investment to the country by 2031, reaching AED one trillion by 2051.

Foreign direct investments in the country are witnessing continuous growth, as the UAE attracted foreign direct investments worth US$20.7 billion in 2021, with a growth rate of 4 percent from 2020, positioning the UAE in the first place in West Asia, the Middle East and North Africa.

It is expected that foreign direct investment inflows to the country will reach 22 billion in 2022, which represents 4.3 percent of the gross domestic product (GDP) of the national economy, according to a report issued by the Institute of International Finance. This reflects the confidence of investors and businessmen in the UAE as a global destination for investment and trade.

Source: WAM – Emirates News Agency

Saqr Binghalib, Executive Director of the Office of Artificial Intelligence, Digital Economy and Remote Work Applications in the UAE Government, stated that the UAE is keen to adopt the latest digital technologies, invest in digital skills, and apply artificial intelligence mechanisms in various fields to ensure a world-leading digital economy.

This came, during the participation of the Artificial Intelligence, Digital Economy, and Remote Work Applications Office’s, as a representative of the UAE Government in the first meeting of the Digital Economy Working Group within G20, which includes most of the largest economies in the world, part of the UAE’s participation as a guest country in work-groups held in Lucknow City Presidency of the Republic of India.

The meeting discussed the importance of sharing experiences of the G20 countries in enhancing digital transformation and utilising various digital technologies in all priority areas, the practices to achieve the best digital infrastructure.

Saqr Binghalib said that the UAE government employs modern technologies to explore opportunities and find innovative solutions to critical challenges.

He reiterated that the UAE reached first place regionally and 13th globally in the e-government development index in 2022, a leap forward reflecting its endeavours to strengthen its digital infrastructure and continue the development process in achieving the best results.

He referred to the country’s experiences in launching the Emirates Digital Wallet (EDW), eSignature and digital certification, and UAE pass, which reinforced digital transformation efforts, adopted digitisation-based solutions and provided the community with secure access to various government and private applications and websites; benefiting more than 6,000 services provided by more than 130 federal, local government entities, semi-government entities as well as private corporates.

Binghalib stated, “Having more than 400 government employees, decision-makers, and experts versed in artificial intelligence technologies through the participation of more than 22,000 people in the UAE AI Camp and CodersHQ, one of the initiatives of the National Programme for Coders, reflects the leadership’s vision of the importance of empowering Digital skills to consolidate the UAE’s global position in as a pioneer in exploring and employing AI.”

He explained that the UAE seeks to enhance the capabilities of cadres in the field of digitisation, building upon their skills and talents and creating a digital environment to design smart solutions and support the digital economy, pointing to the role of the digital school, one of Mohammed bin Rashid Global Initiatives in spreading knowledge and education in various countries since its launch in 2020.

Binghalib added, “The digital school initiative reached seven countries and provided education to over 40,000 students, leveraging the experiences of more than 1,000 teachers digitally. Other initiatives have had a tremendous impact globally, such as the One Million Arab Coders and the launch of the National Qualifications Authority that aims to develop talent qualifications promoting it to international standards, aiming to support the changing workforce market requirements and build a promising generation able to lead the best future of the digital economy.”

The Artificial Intelligence Office showcased the objectives’ achieved under the umbrella of the Emirates Blockchain Strategy 2021, launched in 2018, and the UAE National Strategy for Artificial Intelligence 2031, the first of its kind in the region, aiming to enhance the UAE’s leadership in the fields of artificial intelligence and digital skills through launching various national programmes, namely; the Mohammed bin Zayed University of Artificial Intelligence, AI labs at the United Arab Emirates University, Khalifa University, New York University Abu Dhabi and Sorbonne University in Abu Dhabi.

The AI Office also touched upon the upcoming launch of the Indian Institutes of Technology, one of the most prestigious universities in the Republic of India, the first headquarters outside India in the UAE, enhancing the focus in NLP research and various digital technologies and nurturing talent to build the best digital future for the next generation.

The Artificial Intelligence Office also showcased the most important objectives of the UAE Digital Economy strategy launched in 2022, with the aim of doubling the contribution of the digital economy to GDP up to 20 percent over the next ten years.

Source: WAM – Emirates News Agency

The Department of Economic Development in Ajman (Ajman DED) concluded the activities of the “Entrepreneurship Week 2023” held in Ajman, which witnessed the participation of 25 exhibitors from the entrepreneurs of various commercial projects.

During the event, the exhibitors displayed their distinguished commercial products including areas of family interest, such as clothing, fashion, perfumes, incense, handicrafts, handicrafts, and food.

The exhibition is an integrated business platform for SME entrepreneurs in the Emirate of Ajman.

It also sheds light on successful business experiences and innovative projects that contribute to supporting the economic sector of Ajman and motivating entrepreneurs to innovate by establishing their own brands.

The exhibition presented a variety of activities for all family members of different age groups, which included, with the participation of our partners, the Ajman Chamber of Commerce and Industry (ACCI), the Municipality and Planning Department, the Tourism Development Department, and Ajman Business Women Council (AJBWC), by organising various manual workshops for the public over a period of five days.

Commenting on this event, Abdullah Ahmed Al Hemrani, Director-General of Ajman DED, confirmed that the “Entrepreneurship Week” achieved the goals for which it was established in identifying methods of service development, acquiring skills and experiences, exchanging knowledge and visions through addressing customers and sharing their ideas and aspirations.

Ajman DED contributes to advancing the economic development progress in the emirate, stimulating commercial transactions, and encouraging young entrepreneurs to compete, whether at the local or international level, he added.

He also stressed the necessity of strengthening partnerships between the public and private sectors, providing an incubating and supportive environment for the entrepreneurial sector, investing in entrepreneurial ideas and converting them into productive projects, and spreading the entrepreneurial culture and creativity.

The closing day of the “Entrepreneurship Week” witnessed the honouring of the participating entrepreneurs and the work team organising this week.

Source: WAM – Emirates News Agency

President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to Željka Cvijanovic, President of Bosnia and Herzegovina, on the occasion of her country’s Independence Day.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, dispatched similar messages to President Cvijanovic and Prime Minister Borjana Krišto on the occasion.

Source: WAM – Emirates News Agency

The Ministry of Industry and Advanced Technology (MoIAT) has signed agreements to provide training to SMEs and local talents in line with the National Strategy for Industry and Advanced Technology.

MoIAT signed Memoranda of Understanding (MoUs) with SKM, a leading manufacturer of heating, ventilation and air conditioning equipment in the Gulf region, and LG Electronic Gulf, the first large-scale air conditioning academy in the Middle East to train and inform its customers on LG AC products.

The MoUs will launch specialised training programmes for SMEs and Emirati undergraduates to encourage them to contribute to the UAE’s industrial sector, under the Future Industries Lab initiative.

Through the Future Industries Lab, MoIAT aims to support the UAE’s sustainability efforts including achieving net-zero by 2050. It aims to promote and stimulate the deployment of innovative solutions and advanced technologies in the industrial sector and localise industries in line with the Make it in the Emirates initiative.

Dr. Farah Ali Al Zarouni, Assistant Under-Secretary for the Standards and Legislation Technical Regulation Sector at MoIAT, said, “The Future Industries Lab initiative is one of the transformative projects launched by the ministry in partnership with the private sector to support the growth of national industries and enhance their competitiveness. It provides a package of technical and industrial training opportunities and workshops on operational processes, quality, supply chains, marketing and tools to access global markets, in line with the objectives of the Make in the Emirates initiative.”

She added, “MoIAT seeks to strengthen its ties with all players in the industrial sector to build the professional and technical capabilities of institutions and individuals, through a new phase of sustainable partnerships to help them develop their operations and boost access to regional and international markets. Training programmes will be designed specifically to contribute to the objectives of the national industrial strategy, Operation 300bn.

“The Future Industries Lab initiative represents an important means of transferring knowledge from successful international companies to SMEs and talents as part of our endeavour to increase the industrial sector’s contribution to national GDP. The training programme will provide SMEs and students with training on topics such as supply chains, procurement, data analysis, and lean manufacturing.”

Dr. Al Zarouni underscored the importance of partnerships with leading companies to provide training programmes for SMEs and to introduce them to best practices that promote the growth of the industrial sector and develop local production.

Abdul Karim Al Saleh, CEO of SKM, said, “We are pleased to partner with MoIAT to leverage SKM’s 48 years of technical expertise to provide SMEs in the UAE with the necessary technical support to expand. Our joint programme aims to stimulate and support entrepreneurs and start-ups and promote the early growth of small companies that play an active role in the economic development of the country.”

He added, “The training programme is one of the most important activities provided by the company. We are proud to be part of the Future Industries Lab initiative, through which MoIAT provides direct consultancy services to participating SMEs.”

MoIAT is looking to build new partnerships with leading companies to offer specialised technical training for SMEs to enhance their competitiveness and contribute to the development of their operational efficiency and national talent.

Michael Park, LG Gulf Electronics Chief Executive Officer, commented, “We are happy to partner with MoIAT to boost collaboration between the government and private sector to support the growth of the industrial sector in the UAE and enhance business expansion opportunities. Our partnership with the ministry will provide the opportunity for SMEs to take advantage of the training programmes offered by the LG Academy to expand its work in all sectors by benefiting from Electronics GULF FZE LG’s technical expertise. Our training programme provides the opportunity for university students to implement practical learning within LG Academy.”

He added, “LG is keen to support capacity-building programmes for Emiratis. The participation of national cadres in the programme will enhance the contribution of national talents to the growth of the industrial sector and provide the opportunity for young talents to join the industrial sector.”

Source: WAM – Emirates News Agency