HE Alia Al Mazrouei visits Khalifa Innovation Centre, in5 Business Incubator and Masdar Free Zone

>> Alia Al Mazrouei: The UAE places significant emphasis on advancing its entrepreneurship and innovation sectors by adhering to the best global practices. Business incubators play a prominent role in supporting the competitiveness of the country's entrepreneurial environment.

Abu Dhabi, August 27, 2024:

Her Excellency Alia bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship, visited three pivotal innovation and entrepreneurship hubs - including the Khalifa Innovation Center of Khalifa University of Science and Technology, the ‘in5’ business incubator of TECOM Group, and the Masdar City Free Zone - to explore and discuss mechanisms to enhance cooperation during the next phase.

The visit focused on advancing the UAE’s entrepreneurship system, accelerating technological innovation, creating new opportunities for Emirati entrepreneurs, and encouraging SME owners to expand into new economic sectors that contribute to the diversification and sustainability of the national economy.

HE Prof. Ebrahim Al Hajri, President of Khalifa University of Science and Technology, at the Khalifa Innovation Center, Abdulla Khalifa Belhoul, CEO of TECOM Group, at the in5 business incubator, and Ahmed Baghoum, CEO of Masdar City, in the Masdar Free Zone, received H.E. Alia Al Mazrouei. Her Excellency was briefed about the programs, initiatives and incentives offered by their respective entities to empower entrepreneurs and SME owners to grow and thrive. These efforts are aimed at motivating entrepreneurs to establish and expand pioneering projects across various economic sectors.

HE Alia Al Mazrouei highlighted the UAE's commitment, under the directives of its wise leadership, to developing the entrepreneurship and innovation sectors according to the best global practices. These two sectors are critical drivers of economic diversification and the nation's transition towards a knowledge-based economy, in line with the objectives of the “We the UAE 2031” vision.

H.E. said: “We are committed to strengthening our collaboration with business incubators and SME support funds across the country, recognising their crucial role in bolstering the competitiveness of the UAE’s entrepreneurial ecosystem. Our goal is to offer a wide array of financing opportunities and essential resources to entrepreneurs and SME owners, empowering them with services such as funding and technical support for their innovative projects. This effort will further solidify the UAE’s position as a premier global hub for entrepreneurship and pioneering ventures.”

in5: Incubator for creativity and growth

During her visit to the in5 business incubator, Her Excellency met with Abdulla Khalifa Belhoul. The in5 team provided HE Alia Al Mazrouei with a detailed presentation on TECOM Group's role since its inception in 1999 as a key hub for fostering startups. The presentation highlighted in5's significant achievements, including the support of four business incubators and centers that cater to entrepreneurs across various sectors. Noteworthy figures discussed included over 490 active startups within the system, from which three local billion-dollar companies have emerged in recent years.

During the meeting, both sides underscored the importance of nurturing startups in emerging sectors like financial technology and the critical role of supportive legislation in enabling them to grow, as well as the need to create a “flexible regulatory environment” to support these companies, in addition to strengthening ties with universities with a focus on research and development. They also agreed on the need to unify efforts and form a joint working team between the Ministry of Economy and TECOM to advance initiatives that bolster the entrepreneurship ecosystem.

‘Masdar City’: A Hub of Innovation and Technology

During her visit to the free zone in Masdar City, Her Excellency met with Ahmed Baqhoum, CEO of Masdar City. The Masdar team provided an overview of the city’s recent achievements, emphasising advancements in emerging technologies. They outlined Masdar’s focus on six key sectors: space, energy, life sciences, agricultural technologies, AI, and mobility.

Her Excellency gained insights into both current and future plans designed to support start-ups and SMEs. She learned about the diverse range of options and co-working spaces available for establishing businesses and various activities. The visit underscored how entrepreneurs can take advantage of the opportunities and resources available in the area, which is considered an ideal hub for innovation, technology, and emerging businesses. The zone is home to both local and international companies, along with leading global organisations across a variety of vital sectors.

The discussion also highlighted the challenges faced by entrepreneurs, including the struggle to secure funding and obtaining specialised equipment needed to develop innovative technologies. Both parties emphasised the necessity of enhancing collaboration to create a joint programme that supports the adoption of emerging technologies and develops tools to help establish forward-looking companies.

‘Khalifa Innovation Center’: An incubator for Deep Technology

During her visit to the Khalifa Innovation Centre, part of Khalifa University of Science and Technology, Her Excellency met with HE Prof. Ebrahim Al Hajri, President of the University. The Centre's team highlighted their key initiatives to support entrepreneurs and outlined their strategic objectives. Notably, the Khalifa Innovation Centre is the country's first incubator dedicated to ‘Deep Tech,’ offering startups a comprehensive network to facilitate market access. The Centre also arranges promotional tours to other universities and hosts networking sessions where entrepreneurs can share ideas about the business landscape. Furthermore, the Centre runs competitions for pitching startup projects, providing entrepreneurs with opportunities to secure funding for their businesses.

In their meeting, both parties emphasised the significance of boosting innovation outputs at Khalifa University and aiding the UAE’s advancement in the Global Innovation Index. They noted that this could be accomplished by concentrating on the tangible results and outputs of the innovation ecosystem. Furthermore, they discussed various challenges hindering innovation, such as the difficulties in communication between academia and the private sector, along with the insufficient funding for startups in the early phases of their projects.

During her university tour, Her Excellency Alia Al Mazrouei visited a range of state-of-the-art laboratories focused on AI, robotics, and other cutting-edge technological fields. These labs are equipped with the latest advanced equipment to support researchers and innovators, leading to the development of various research projects within these facilities.