Page 224 - MOE ENGLISH PR REPORT - AUGUST 2024

9/2/24, 2:51 PM HE Alia Al Mazrouei visits Khalifa Innovation Centre, in5 Business Incubator and Masdar Free Zone - Middle East Business News an…
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,

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