Page 264 - 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
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.

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