Mon 01-03-2021 20:35 PM
ABU DHABI, 1st March, 2021 (WAM) -- The Abu Dhabi Global Market (ADGM) Registration Authority (RA) and United Arab Emirates University (UAEU) represented by UAEU Science and Innovation Park (UAEU SIP) have entered into a Memorandum of Understanding (MoU) with an aim of developing the UAE’s entrepreneurial ecosystem through joint-branded initiatives.
The MoU was signed by Dhaher bin Dhaher Al Mheiri, Chief Executive Officer of the ADGM Registration Authority, and Professor Nihel Chabrak, Chief Executive Officer of the UAEU Science and Innovation Park.
The ADGM RA and UAEU SIP will collaborate to establish an accelerator programme within ADGM that will welcome start-ups fostered and grown under the umbrella of the UAEU Science and Innovation Park, through which support will be provided to these start-ups on ventures within their focus fields. Through the agreement, the ADGM RA and UAEU SIP will work alongside one another to develop co-branded initiatives and engage in the exchange of insights to develop growth opportunities for entrepreneurs across the UAE.
Commenting on the agreement, Dhaher Al Mheiri said, "We’re pleased to be partnering with UAEU, a longstanding prestigious academic institution, to continue ADGM’s ongoing efforts in fostering the UAE’s entrepreneurial ecosystem and providing start-ups with valuable growth opportunities. ADGM’s work in this field is expansive, covering multiple engagements, such as its partnership with Plug and Play, its role in the launch of Hub71, as well as flagship initiatives that aim to scout and nurture the next generation of entrepreneurs, such as FinTech Abu Dhabi.'' ''Our efforts will aim to contribute to the UAE’s thriving start-up ecosystem, which features a number of initiatives pioneered by ADGM’s partners, including Mubadala, the Abu Dhabi Investment Office, the Abu Dhabi Investment Authority and the Department of Health. Having forged this newfound relationship with UAEU, we look to provide their respective start-ups with the necessary advisory, insights and tools to grow their businesses. This partnership will only further reinforce our efforts in positioning the UAE as a foremost destination for eager entrepreneurs looking to scale their operations and expand their presence across the MENA region."
Prof. Nihel Chabrak said, "The partnership with ADGM illustrates the national coordinated effort to transform Abu Dhabi into a global hub for entrepreneurship and innovation. With more than 14,000 students, 800 of faculty and researchers, the UAEU is the flagship university in the country and the region that is advancing knowledge in critical areas ranging from water resources to cancer treatments. Leveraging on its proximity to the university, the UAEU Science and Innovation Park will play a major role in this new ecosystem by creating a pipeline of talent, and growing and attracting new knowledge-intensive businesses, which in turn will support creating new jobs and learning opportunities for students, and new R&D projects for faculty and researchers.
''Through its tenants’ support program, the UAEU SIP will also allow cross-fertilization between the innovation champions connected to the Park and ADGM and will create spillover effects to support economic diversification in the strategic areas set in the Emirate and the country vision,'' he added.
As part of the agreement, the ADGM RA will enable UAEU Science and Innovation Park’s partners and enrolled entities to apply for a license at ADGM. Both the ADGM RA and UAEU will provide access to their respective ecosystems, as well as any industry events hosted by the other party.