Emirates Development Bank (EDB) has signed an official agreement 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 Ahmed Saed Al Calily, general manager of Abu Dhabi TDC, and Rashid Mahboob, acting chief executive officer of EDB, provides an official framework for the co-operation of both parties with the shared common goals of driving innovation, building a knowledge-based economy and creating long-term economic prosperity and diversification in the UAE.

 

This co-operation is primarily aimed at supporting the key steps leading to technology market readiness as provided under the Takamul programme, said a statement.

 

Its main steps include 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; technology assessment, looking at the technical aspects during the business planning due diligence for a new venture; commercialisation advisory, which aims to support in the definition phase of a new business.

 

“We are delighted to enter this agreement with the Abu 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 further the 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," said Mahboob.

 

"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,” he 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," said Al Calily.

 

"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,” he added. - TradeArabia News Service