Ministry of Economy participates in the launch of a global initiative to highlight innovations by startups in the UAE

In cooperation with Microsoft and the Italian Intesa San Paolo and Cariplo Factory

Al Falasi: The UAE has taken the regional lead in supporting the transition towards a circular economy

Registration open to all startups operating in advanced technology sectors, especially circular economy

15 UAE startups will be eligible to participate in the second phase of the initiative

Abu Dhabi, 20 October 2020: The Ministry of Economy (MOE), in cooperation with Microsoft, the Intesa Sanpaolo Innovation Center and the Italian Cariplo Factory, 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 startups 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. It will also provide an opportunity for these startups 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 Ministry, 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. It plays a significant role in generating development opportunities and enhancing the national economy's ability to support sustainability.

The initiative has three main phases and starts with registration through the Ministry’s website, which will be open from October 17 to November 7, 2020.

Out of all registrants, a minimum of 15 qualified UAE startups 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 will see startups that were selected for cooperation 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.

In the beginning of this year, MOE had signed a Memorandum of Understanding with the Intesa Sanpaolo Innovation Center to develop areas of cooperation in the fields of circular economy, innovation and small and medium enterprises (SMEs). The Italian group is one of the leading international players in this field and has already launched many initiatives to develop sustainable economic solutions.

H.E. 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

H.E. 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 startups 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 cooperation with leading international companies that are participating in this initiative.

An opportunity to empower UAE’s startups& innovative companies

The ‘Circular Economy Turns Digital’ initiative allows startups in the UAE to communicate with their counterparts in the Italian market and exchange experiences, and presents them with opportunities to:

1- Showcase their innovations before Italian and global companies and explore partnership and cooperation agreement opportunities with them.

2- Take advantage of the circular economy hubs in Italy to complete the research and development stages related to solution with the aim of commercial production for a period of six months without any cost if the innovation meets the required standards.

3- Build and develop relationships with global startups and explore opportunities for commercial cooperation with them.

The initiative encourages startups to focus on innovations that can accelerate the transition towards a circular economy in three areas that have been identified, namely:

Designs related to waste and pollution reduction (accelerate products and practical steps to eliminate waste through renewable sources, down to zero waste.
Increasing and expanding supply chains
Extending the viability of products and raw materials (developing the required infrastructure to extend the sustainability of products and materials as much as possible).

To participate in this initiative, the product/solution should be in the final stages and must be ready for the laboratory testing phase in preparation for commercial production, so that commercial production can begin immediately.