- ADGM RA and UAEU to foster national entrepreneurial ecosystem through partnership
Abu Dhabi – The Abu Dhabi Global Market (ADGM) Registration Authority (RA), the award-winning international financial centre in the MENA region, and United Arab Emirates University (UAEU) represented by UAEU Science and Innovation Park (UAEU SIP) have entered into a Memorandum of Understanding (MoU) with an aim of developing the UAE’s entrepreneurial ecosystem through joint-branded initiatives. The MoU was signed by Dhaher bin Dhaher Al Mheiri, Chief Executive Officer of the ADGM Registration Authority, and Professor Nihel Chabrak, Chief Executive Officer of the UAEU Science and Innovation Park.
The ADGM RA and UAEU SIP will collaborate to establish an accelerator programme within ADGM that will welcome start-ups fostered and grown under the umbrella of the UAEU Science and Innovation Park, through which support will be provided to these start-ups on ventures within their focus fields. Through the agreement, the ADGM RA and UAEU SIP will work alongside one another to develop co-branded initiatives and engage in the exchange of insights to develop growth opportunities for entrepreneurs across the UAE.
Commenting on the agreement, Dhaher bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority, said: “We’re pleased to be partnering with UAEU, a longstanding prestigious academic institution, to continue ADGM’s ongoing efforts in fostering the UAE’s entrepreneurial ecosystem and providing start-ups with valuable growth opportunities. ADGM’s work in this field is expansive, covering multiple engagements, such as its partnership with Plug and Play, its role in the launch of Hub71, as well as flagship initiatives that aim to scout and nurture the next generation of entrepreneurs, such as FinTech Abu Dhabi. Our efforts will aim to contribute to the UAE’s thriving start-up ecosystem, which features a number of initiatives pioneered by ADGM’s partners, including Mubadala, the Abu Dhabi Investment Office, the Abu Dhabi Investment Authority and the Department of Health. Having forged this newfound relationship with UAEU, we look to provide their respective start-ups with the necessary advisory, insights and tools to grow their businesses. This partnership will only further reinforce our efforts in positioning the UAE as a foremost destination for eager entrepreneurs looking to scale their operations and expand their presence across the MENA region.”
Prof. Nihel Chabrak, CEO of the UAEU Science and Innovation Park said: the partnership with ADGM illustrates the national coordinated effort to transform Abu Dhabi into a global hub for entrepreneurship and innovation. With more than 14,000 students, 800 of faculty and researchers, the UAEU is the flagship university in the country and the region that is advancing knowledge in critical areas ranging from water resources to cancer treatments. Leveraging on its proximity to the university, the UAEU Science and Innovation Park will play a major role in this new ecosystem by creating a pipeline of talent, and growing and attracting new knowledge-intensive businesses, which in turn will support creating new jobs and learning opportunities for students, and new R&D projects for faculty and researchers. Through its tenants’ support program, the UAEU SIP will also allow cross-fertilization between the innovation champions connected to the Park and ADGM and will create spillover effects to support economic diversification in the strategic areas set in the Emirate and the country vision.
As part of the agreement, the ADGM RA will enable UAEU Science and Innovation Park’s partners and enrolled entities to apply for a license at ADGM. Both the ADGM RA and UAEU will provide access to their respective ecosystems, as well as any industry events hosted by the other party.
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 a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global trade and business hub serving 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 spanning over private banking, wealth management, asset management, derivatives and commodities trading, financial innovation, sustainability and more. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs the entire 114 hectares (1.14sqkm) of Al Maryah Island which is a designated financial free zone.
It enables registered financial and non-financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on common law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for four consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details on ADGM, please visit www.adgm.com or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)
* Source: The Global Investor Middle East and North Africa (MENA) Awards
About UAEU SIP
The United Arab Emirates University’s Science and Innovation Park (UAEU SIP) was launched in November 2016 to become a global innovation hub for research, innovation, and entrepreneurship, and to ensure the UAE’s smooth transition into a Knowledge Economy.
Connecting innovative minds from academia, governments and the industry, UAEU SIP breaks new grounds for economic diversification through R&D, and innovation to achieve new heights for a quality of growth.
The park is an ecosystem for innovation offering programs using human-centred design approaches to lead the way to translating academic knowledge and scientific research into commercially viable applications.
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© Press Release 2021