Strategic partnership will support the Federal Government's strategy to make the UAE one of the most innovative countries in the world
Abu Dhabi, UAE: Emirates Development Bank ("EDB") has today signed an officialAgreement with the Abu Dhabi Technology Development Committee ("TDC") - the UAE government entity focused on the development of human capital in the science and technology sectors.
The document, which was signed by His Excellency Ahmed Saed Al Calily, General Manager of Abu Dhabi Technology Development Committee, and His Excellency Rashid Mahboob, Acting CEO of EDB, provides an official framework for the cooperation of both parties with the shared common goals of driving innovation, building a knowledge-based economy and creating long-term economic prosperity and diversificationin the UAE.
Commenting on the MOU, H.E. Rashid Mahboob, Acting CEO of EDB,said: "We are delighted to enter this agreement with theAbu Dhabi Technology Development Committee (TDC) and to support TDC's pioneering and strategic Takamul programme. Our goals are very much aligned and we both aim to furtherthe vision of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of UAE, to make our nation one of the most innovative countries in the world. To achieve this, it is essential that we inspire younger generations to pursue their ambitions in science and technology, as it is these crucial sectors which can help to ensure our great nation's long-term economic prosperity."
His Excellency Ahmed Saeed Al Calily, Director General of Abu Dhabi Technology Development Committee, said: "A key pillar to achieving a sustainable knowledge-based economy is the continuous investment in human capital development. It is important that we work together with our partners, such as EDB, to foster local innovation to significantly accelerate science, technology and innovation in the country. The MoU with EDB strengthen TDC's internationally recognized Takamul Programme and represents an important addition to the tools that we provide to our human capital to enable them to invent and innovate. This in turn supports the realization of the economic vision and will aid the UAE's ambition to become one of the most innovative nations in the world."
This cooperation is primarily aimed at supporting the key steps leading to technology market readinessas provided under the Takamul program. More specifically this partnership regards the support of two main steps:
1) Proof of Concept, which entails the creation of a prototype or a pilot and is critical for any new technology to engage with industry and investors
2) Technology assessment,looking at the technical aspects during the business planning due diligence for a new venture
3) Commercialization advisory, which aims to support in the definition phase of a new business
The signing of the MOU between EDB and TDC was conducted during UAE Innovation Week, and as part of the 2015 Year of Innovation. Over the last year, the UAE has prioritized innovation to maintain its competitive edge in the world, and to boost its diversification efforts.
-Ends-
About Emirates Development Bank (EDB):
Emirates Development Bank (EDB) was founded under a decree issued by the President of State, HH Sheikh Khalifa Bin Zayed Al Nahyan, by Federal Law of 2011 The Bank was established with a clear strategic vision to build a national economy that is characterized by diversity and based on innovation. Part of this vision is a mission to facilitate Nationals' access to suitable housing by offering affordable home financing solutions. The Bank also endeavors to support local entrepreneurship through the provision of pioneering banking solutions for Small and Medium Enterprises (SMEs).
The Bank will offer a number of products to UAE citizens including supplementary loans, home purchase and construction loans. Products for local businesses will include an SME business loan, credit guarantee scheme, business account and strategic sector finance for qualifying clients.
EDB will also partner with the Government on strategic development projects, many of which are expected to have national importance for the future of the UAE. Healthcare, manufacturing, ICT and construction are all key areas of the UAE economy which EDB aims to contribute to through providing integral financing.
For further information, please visit the EDB website: www.edb.ae
About Abu Dhabi Technology Development Committee (TDC):
The Abu Dhabi Technology Development Committee (TDC) is a government entity focused on the development of human capital in the science and technology sectors. By creating a skilled innovative workforceto drive the UAE's knowledge-based economy, TDC is playing a crucial role in enabling the realization of the Abu Dhabi 2030 vision and the UAE Innovation Strategy.
Our aim is to empower the future generation to drive a sustainable tomorrow for Abu Dhabi and to help position the UAE amongst the most innovative nations in the world
About the Takamul Programme
Takamul is an innovation support programme, founded by TDC, and designed to support inventors from every walk of life (individuals, academic institutions, and organizations) through the entire innovation life-cycle, from the generation of ideas and supporting the patenting of these ideas to the practical and commercial implementation of these inventions to allow the extraction of economic values from these inventions.
For further information, please visitthe TDC website:www.tdc.gov.ae
For more information please contact:
Tameem Alkintar/Tom Drummond
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-4507600
Email: Tameem.Alkintar@bm.com/Tom.Drummond@bm.com
© Press Release 2015
