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Minister of State for Entrepreneurship Alya bint Abdullah Al Mazrouei visited the Khalifa University of Science and Technology’s “Khalifa Innovation Center”, the TECOM Group’s “in5” business incubator, and the “Masdar City” Free Zone, with the aim of discussing future mechanisms for strengthening joint cooperation to support the development of the country’s entrepreneurial system, accelerate technological innovation, provide new opportunities for Emirati entrepreneurs, and encourage owners of small and medium-sized enterprises in the country to expand into new economic sectors.
During the meeting with the working teams of the three entities, Al Mazrouei was briefed on the programs, initiatives and incentives offered by the three entities to help entrepreneurs and owners of emerging projects grow and develop, and motivate them to carry out entrepreneurial activities and projects in various economic sectors.
In turn, the “in5” team gave a comprehensive presentation of the role played by the “TECOM Group” as a center for providing capabilities to startups since its creation in 1999, also recalling some noteworthy figures, such as the presence of more than 490 startups active within the system, which has given birth to 3 billion local companies in the last few years. It was agreed that the Ministry of Economy and TECOM would set up a joint working group to further implement initiatives to support the entrepreneurial system.
During his visit to Masdar City Free Zone, Al Mazrouei was briefed on the region’s current and future plans to support startups and SMEs, and the discussion also covered the challenges faced by entrepreneurs. At the Khalifa Innovation Center, the two sides discussed the challenges facing innovation, including communication difficulties between academia and the private sector, and the lack of funding for emerging companies at the early stages of their projects.
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