UAE investment and holding company ADQ will allocate more than 100 million dirhams ($367.3 million) for research and development (R&D) in the technology sector.
ADQ will also allocate additional funds to fast-track the trial and adoption of artificial intelligence (AI) and automation through “innovative proof-of-proof concepts and pilots,” the company said in a statement.
The investments will be part of the company’s latest initiative called the ADQ Growth Lab, which was launched on Wednesday to foster innovation and support R&D in the UAE.
A community of innovators, the ADQ Growth Lab will focus on creating “value and sustainable impact” across key sectors of the UAE economy.
The community will work with regulators and promote the development of emerging trends in sectors that ADQ’s portfolio companies operate in, such as energy and utilities, food and agriculture, healthcare and life sciences, and mobility and logistics. It will also support partnerships with start-ups, scale-ups and other tech firms as part of a strategy to position ADQ’s companies for the future.
“The community, dedicated to innovation and R&D, will foster cross-sector collaboration to facilitate knowledge exchange and strategic partnerships between industry and academia that can leverage research capabilities,” ADQ said.
(Writing by Cleofe Maceda; editing by Daniel Luiz)