Page 258 - MOE ENGLISH PR REPORT - AUGUST 2024

8/29/24, 4:41 PM HE Alia Al Mazrouei visits Khalifa Innovation Centre, in5 Business Incubator and Masdar Free Zone
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

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