Page 33 - MOE ENGLISH PR REPORT - AUGUST 2024

Press Release

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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