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Ministry of Economy launches global initiative to highlight innovations by UAE start-ups

Ministry of Economy launches global initiative to highlight innovations by UAE start-ups

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The UAE’s Ministry of Economy (MoE), in co-operation with Microsoft, Intesa Sanpaolo Innovation Centre and Italian Cariplo Factory, recently launched a global initiative called ‘Circular Economy Turns Digital’ to accelerate the transition towards a circular economy through digital technology.

The initiative aims to enable technology-based start-ups in both the UAE and Italy to present their innovations before leading global companies in this field, to identify the most capable and advanced innovations that can support the transition towards a circular economy. The initiative will also provide an opportunity for these start-ups to enter into commercial partnerships with global companies.

The circular economy is considered an economic system that eliminates waste, preserves resources and improves their usability. The transformation towards this economic model is one of the main areas of focus of the MoE as it strives to create a supportive environment for circular economy in a way that serves the UAE’s orientations and its future vision in this regard.

The initiative has three main phases and starts with registration through the ministry’s website, which opened on October 17 to November 7, 2020.

Out of all registrants, a minimum of 15 qualified UAE start-ups will be selected for the second phase, during which, they will present their innovations and technological solutions before a number of Italian and global companies in December this year. This phase will provide the shortlisted candidates with a valuable opportunity to explore partnerships and signing of trade agreements with the participating global firms.

The third phase according to the MoE, will see start-ups that were selected for co-operation and agreements in the second phase launch their pilot projects. Besides, they will have the opportunity to carry out further feasibility studies and development procedures in innovation laboratories before starting their operations in a commercial scale.

HE Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, said that this important initiative provides a supportive environment for entrepreneurs and owners of start-ups and innovative ventures in the country, enabling them access to foreign markets and discover opportunities for partnerships and exchange of expertise

Al Falasi added that the UAE is one of the pioneers in supporting the transformation towards a circular economy globally and is at the forefront in the region in this regard. “This global initiative provides innovative and advanced technology-based start-ups operating in the country with an excellent opportunity to make global connections to display their innovations and products in preparation for commercial production and to form partnerships and co-operation with leading international companies that are participating in this initiative,” he said.

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