The Ministry of Economy launches The National Program for Supporting Young Innovative Companies

Abu Dhabi, 30 April 2018: In the presence of H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy and H.E Sarah bint Yousif Al Amiri, Minister of State for Advanced Sciences, The Ministry of Economy (MoE), in partnership with 15 government and private sector entities, launched the National Program for Supporting Young Innovative Companies today (Monday) as part of its participation in the 3rd Government Accelerators Cohort, to accelerate the National Agenda of the UAE Vision 2021.

These entities include Ministry of Finance, Telecommunications Regulatory Authority, Securities and Commodities Authority, Abu Dhabi Department of Economic and Development (Abu Dhabi DED), Emirates Development Bank, Mohammed Bin Rashid Innovation Fund, Khalifa Fund for Enterprise Development, Dubai SME, Ruwad Establishment, Sharjah Entrepreneurship Center (SHERAA), RAK SME, Umm Al Quwain Chamber, Khalifa University, United Arab Emirates University and University of Dubai. 

The Ministry declared that it is fully equipped to launch the program, within the ‘100-Day’ challenge initiative posed by the Government Accelerators. The support program aims to nurture young companies by encouraging them to innovate and build up a culture of creativity, aimed at raising the UAE’s position on the Global Innovation Index (GII).

The program seeks to take innovation to the next level by establishing a unified framework for innovation and putting in place specific standards in accordance with national innovation indicators. This is based on market analysis and calculation of indicators such as production, intellectual property, and research and development (R&D).

The National Program of Supporting Young Innovative Companies is linked to 16 sub-indicators within GII, the most important of which are patents, high technology products, telecommunications, trademarks, credit, microfinance, venture capital transactions and risks and development in the business sector.

H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy said that the National Program for Supporting Young Innovative Companies represents a significant step forward for the country in its quest to achieve the objectives of the National Agenda geared towards making the UAE among the top 10 innovative countries by 2021.

H.E. Al Mansoori noted that there is an abundance of talent and creativity in the UAE, which the program will tap into, adding that the new initiative would link innovative companies with the required government entity, to provide incentives, support and promotion of their products and services.

H.E. Saif Mohamed Al Hajeri Chairman of Abu Dhabi DED said the program plays a significant role in bolstering the country’s economy and lending the necessary stimulus to small and medium companies.  He added that the Abu Dhabi DED is keen to partner with the National Program through its affiliate ‘Takamul’, to provide the necessary expertise to companies seeking the same and adding value to their innovation efforts.

H.E Younis Haji Al Khouri Undersecretary of the Ministry of Finance, reiterated the ministry’s support of the program and its importance in improving the UAE’s position on GII.

H.E. Abdullah Sultan Alfan Alshamsi, Assistant Undersecretary at the Ministry of Economy and Head of the Executive Team of the Global Innovation Index said the program was designed in cooperation with the MOE and its partners, after an in-depth analysis of the structure of the GII and a thorough examination of best international practices. It will help innovators translate their ideas into reality, for the benefit of the economy.