EMIRATES DEVELOPMENT BANK SIGNS Agreement WITH ABU DHABI TECHNOLOGY DEVELOPMENT COMMITTEE

Emirates Development Bank (“EDB”) has today 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 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 diversification in the UAE.

Commenting on the MOU, H.E. Rashid Mahboob, Acting CEO of EDB, said: “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. 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 readiness as 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.