UAE launches $200 million tech fund for developing nations

The Abu Dhabi skyline at sunrise. (Getty Images)

The Abu Dhabi skyline at sunrise. (Getty Images)

The United Arab Emirates is launching a $200 million fund to export advanced technologies to poorer nations, unveiling the project on the sidelines of the World Governments Summit in Dubai on Monday.

Financed by the Abu Dhabi government, the fund will be overseen by the Advanced Technology Research Council, the country’s applied research and development arm.

ATRC Secretary General Faisal Al Bannai said the aim is to open up technologies devised in the UAE to governments and organizations in less developed nations.

“We will have the country become a private client for us to test what they need solved,” he said.

The solution would either be donated to the country or sold to it at an affordable price, according to ATRC. 

Also on Tuesday, Abu Dhabi formed the non-profit Falcon Foundation, with an initial funding of $300 million to back sustainable open-source AI projects.