Page 261 - 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
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.

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