Page 271 - 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 - Middle East News 247

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

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