Recent participation in Gitex leads to key relationships to strengthen ICT in the country

The ICT Fund met with several private organizations and governmental bodies during its recent participation at Gitex this past October which has led to key collaboration on significant ICT projects and initiatives to drive growth for the ICT industry in the UAE.

Following from its announcement earlier this summer to dedicate AED 22 million to applied and basic research and development projects, the ICT Fund has been steadily working to fund projects and initiatives to fulfill its strategic objectives.

“During our recent participation at Gitex, the ICT Fund team met with several entities and organizations with solid ideas and very intriguing concepts that we believe will most definitely benefit the ICT economy in the UAE on our path to create a sustainable lifestyle for future generations. We met the ‘Majid Bin Mohammed Innovation Center in5’ which has been launched to promote entrepreneurship and technical innovation in the UAE. Additionally, we met with the Ministry of Education and discussed a huge project to place ICT labs in schools across the UAE,” commented Dr. Eesa Bastaki, CEO, ICT Fund.

The ICT Fund held a meeting with the ‘Majid Bin Mohammed Innovation Center in5’ an initiative which will focus on several key drivers to build the ICT industry in the UAE including the development of start-ups, fostering entrepreneurships, motivating technology innovation, and promoting Dubai as a prime location for technology enterprises.

Supporting young entrepreneurs and technology innovators, in5 will allow young innovators and talents to gain access to leading technology companies and draw value from their expertise and knowledge. The center encourages upcoming entrepreneurs to submit their business applications online. An evaluation process will be conducted to shortlist applicants and select feasible submissions that meet criteria. The center will provide five key services to short-listed start-ups including seed funding, coaching, mentorship, training, networking, set up and logistics. The ICT Fund will provide support to in 5 in the funding process.

In its discussion with the Ministry of Education, the ICT Fund pledged to contribute funding and technical support for the ICT labs that will be placed in schools across the country. This project is also being developed by the Advanced Technology Investment Company (ATIC), the wholly-owned subsidiary of Mubadala Development Company. ATIC is a specialist investment company created by the Government of Abu Dhabi to focus on investments in the advanced technology sector.

“There were many other great ideas and plans that are being set in motion, and our participation at Gitex2011 was a great platform to initiate talks on potential ICT Fund funding and support. The ICT Fund looks forward to being a part of these ideas and projects to see where these ideas can lead us,” Dr. Bastaki added.

The ICT Fund also met with the Triangle Venture Capital Group regarding its Open Sky Technology Fund which has 35 technology incubators. The Open Sky Technology Fund was formed by the European Space Agency (ESA); it is an early stage venture capital fund which will focus on space technologies and satellite applications for terrestrial industries.

The Switch is another organization that met with the ICT Fund. This organization aims to create an event for start-ups to bring ambitious technology buffs to center stage with the aim to scout progressive technology ideas. The ICT Fund and The Switch are making plans to collaborate on an ICT focused start-up event.

The Dubai National School is also looking to the ICT Fund to provide support and a faster speed for Ankabut. Ankabut is an ICT Fund project which offers academic institutions connectivity to other educational networks around the world. This network is continually growing with more than double the amount of campuses using the Ankabut system from last year.

The ICT Fund is an initiative of the TRA and provides generous grants to research projects, which results in the development of applied R&D, and the generation of related patents and research papers. In addition, it is actively supporting the commercialization of applied R&D, leading to the establishment of start-ups in the ICT sector.