UAE Launches $200 Million Tech Fund for Global Innovation Drive

UAE Launches $200 Million Tech Fund for Global Innovation Drive

By Staff Writer, 15 February 2024

Abu Dhabi’s Advanced Technology Research Council (ATRC) initiates a $200 million fund, unveiled at the World Governments Summit, aimed at fostering innovation globally.

Through the 'ATRC Global Tech R&D Platform', nations can access UAE's technological prowess. With a focus on collaboration and inclusivity, the platform invites applications across priority sectors. ATRC commits to absorb resource and research costs, empowering emerging nations.

Faisal Al Bannai, Secretary General of ATRC, emphasizes ATRC's commitment to global progress, saying: "Our commitment is to empower every nation with the means to thrive in this technology-driven world. ATRC stands ready to partner with countries worldwide, leveraging our expertise in technology to address their challenges and drive collective progress in the AI-driven era."

With a rich R&D ecosystem, ATRC orchestrates technology advancement from ideation to market. Dr. Ray O Johnson, CEO of ATRC’s global applied research arm, TII, highlights the fund's role in tapping untapped innovation worldwide, saying, "Through this platform, we will help identify untapped innovation around the world, unleashing the power of transformative technologies, and sparking economic growth."

ATRC calls on nations to collaborate and contribute to the global technological landscape. For further details on the ATRC Tech R&D Fund, applicants can contact the Council via ASPIRE, at

“We’re here to identify technology gaps and facilitate sophisticated solutions that countries may need to explore for a resilient future,” said Stephane Timpano, CEO of ASPIRE.

In a similar stance to support the wider adoption of advanced technologies, last year, the Technology Innovation Institute (TII) was among the first to open-source its world-ranking large language model, Falcon 40B, under the Apache 2.0 license – royalty-free.

Source: Reuters & TradeArabia

Related Report

Sustainable International Trade for a Resilient Future

With many countries committing to achieving net zero carbon emissions by 2050, there is a race against the clock to upgrade the world’s energy and trade infrastructure to achieve this. In this report, we highlight strategies used by trade stakeholders worldwide to foster a sustainable future, focusing on decarbonization, energy and food security, and environmental impact mitigation.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems