Page 230 - 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
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.

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