Established by the UAE Telecommunications Regulatory Authority (TRA), the ICT (Information & Communications Technology) Development Fund has launched its operations to jump start innovation within the ICT Sector in the UAE, where it was set up by the UAE Supreme Committee for the Supervision of the Telecommunications Sector. It receives its financing from 1% of the annual turnover of the UAE telecom operators, where its capital has reached around 200 million dirham and is receiving proposals for funding.
The ICT Fund is keen on funding research in exchange of plans to conduct a research project related to the ICT Sector, plans to build and operate a Research and Development (R&D) Centre, a technically and commercially sound business plan, a strong execution team, significant UAE participation in the project, and resources available and committed for the project. It also funds business incubators that host ICT start-ups in exchange of plans to start a business incubator for ICT start-up companies, a technically and commercially sound business plan, a strong execution team, a UAE majority ownership of the incubator, and resources available and committed for the project. For educational institutions, the Fund provides financing through grants or equity, funding up to 5 years, guidance from technical and business experts, and access to partners and investors; all in exchange of plans to set up an educational institution benefiting the ICT Sector, official accreditation and strong partners, a relevant curriculum with experienced faculty and good facilities, a UAE majority ownership of the institution, and resources available and committed for the project. The Fund encourages scholarships by funding for tuition fees and living expenses, and providing access to incubators for starting a business after graduation; all in exchange of admission to a technical course at a university approved by the Fund, a record of excellent academic performance, commitment to a career in the UAE for 5 years after graduation, and to be a UAE National.
However, the Fund Board of Trustees is chaired by H.E. Ahmad Humaid Al-Mazrouie, TRA Board Member, and encompasses high level professionals and dignitaries from the ICT private sector, the academia, and the two telecom operators of the UAE, “etisalat” and “du.”
Still, the ICT Fund Board of Trustees has received numerous proposals for funding, namely from the UAE University, the British University in Dubai, Etisalat University College and the Ministry of Development for Government Sector. Six of these proposals are being thoroughly under serious study and would likely be approved, where two of these proposals have been already approved, the Federal e-Government Program of the Ministry of Development for Government Sector, and the ANKABUT (Arabic for spider) of Etisalat University College.
In this respect, H.E. Ahmad Humaid Al-Mazrouie stated: “We have approved to participate in the funding of the Federal e-Government Program of the Ministry of Development for Government Sector that is based on the e-Government Strategy that has been approved by the UAE Cabinet in 2004, to revitalise the e-Government program as a central component of its overall transformation program; where the amount asked for and approved is Six Million Nine Hundred and Fifty Thousand UAE Dirham. (AED 6,950,000).”
Mr. Al-Mazrouie added: “The ANKABUT Proposal of Etisalat University College has also been approved to be funded, where it seeks to build, operate and maintain an educational and research network in the UAE. The idea is essentially to link the major universities and educational institutions in the UAE with a high speed Wide Area Network to enable data transfer for education and research purposes. The network will be owned and operated by a yet to be created non-profit entity on the lines of Internet 2 (USA) and Geant (Europe). It is expected that this network will kick start the research culture in UAE universities by enabling researchers, academics and scientists to work together from different locations. The project, however, will be funded for a period of five years with an amount of money that is around Fifty Million UAE Dirham (AED 50,000,000).”
Mr. Al-Mazrouie concluded: “We are also studying to fund around six more proposals submitted by the UAE University, the British University in Dubai and Etisalat University College in what we think to be within the heart of the Fund’s goals and vision.”
However, the six other proposals that are under study by the ICT Development Fund Board of Trustees include amounts of money needed equals to more than ten million UAE Dirham.
