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Innovation sets UAE apart on global scale

The UAE's dedication to supporting entrepreneurs and their ideas from conception to implementation has resulted in the creation of a global hub that nurtures talent and fosters innovation, experts said at the 'MoF Innovates 2020' event on Tuesday.
The Ministry of Finance (MoF) kick-started the event during the UAE Innovation Month 2020, and as part of its commitment to supporting innovation. Speaking at the event, Younis Haji Al Khoori, undersecretary of the Ministry of Finance, noted that the success of the UAE has hinged on the vision of its wise leadership which has elevated the status of the country to be a pioneer in change and creativity. He also noted that the focus on innovation has ensured the creation of a new generation of innovators that are well-equipped to meet the challenges of the future and help diversify the economy.
"The Ministry of Finance will continue to undertake initiatives that advance innovation and creativity in keeping with the UAE government's vision of creating a stimulating environment for innovation - this will place the UAE at the forefront globally, as well as among the ranks of the most innovative governments worldwide by 2021. It's for this reason, the ministry has embraced innovation its approach and made it an integral part of every practice, process and service. MoF expends every effort to foster a supportive environment that through initiatives, strategies and programs encourages innovation in the UAE," Al Khoori said.
"Our successes so far were thanks to our commitment to work diligently and in cooperation with government entities as well as the private sector, to ensure that all our efforts we targeted at placing innovation at the top of our agenda," he said.
Al Khoori also noted that, when it comes to providing support for entrepreneurs, there is no one-size-fits-all approach that can be utilised, and that incubators have to treat each individual innovator as a special case. This helps in identifying frictions points and creating both short-term and long-term goals. He described entrepreneurs and ideas that were currently being supported by entities such as the Mohammed bin Rashid Innovation Fund (MBRIF) as the "engines for economic growth and future job creation" in the emirates.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai, launched the Mohammed bin Rashid Innovation Fund four years ago. With a value of Dh2 billion, the aim was to create a program that promotes innovation and shapes the future of the UAE economy.
The MoF Innovates 2020 event also honoured and graduated 18 MBIRF members, namely Addenda, Airspace Industrial Blockchain (AIB), CarSwitch, Constructive Trading, Denarii Cash, HeyDoc!, Heyraat E-store, Kinteract, Lamsa , Morni and Nabta Health Neutral Fuels LLC, Oliv, Optimus FZCO, Pure Harvest, RAZRLAB, Smart Crowd, and Smart Labour.
- rohma@khaleejtimes.com