On Monday, the United Arab Emirates launched a $200 million fund to finance the development of advanced technology in developing nations. The fund will be overseen by the Gulf state’s Advanced Technology Research Council (ATRC) and financed by the Abu Dhabi government. Its purpose is to provide technologies developed by the Gulf state to governments and organizations in poorer nations, and to finance research projects.
At the World Governments Summit in Dubai, ATRC Secretary General Faisal Al Bannai explained that the fund will serve to test the solutions needed by the country and they will either be donated or sold at an affordable price. “We are funding it, we are taking the risk,” Al Bannai said. The UAE has previously allocated government funding for economic and social development projects in Africa and Asia through its own development agencies and foreign aid organizations.