Abu Dhabi’s international financial center Abu Dhabi Global Market (ADGM) Registration Authority (RA) and United Arab Emirates University (UAEU) represented by UAEU Science and Innovation Park (UAEU SIP) have signed a Memorandum of Understanding (MoU) to promote the UAE’s entrepreneurial ecosystem through joint-branded initiatives.
The MoU was signed by Dhaher bin Dhaher Al Mheiri, Chief Executive Officer of the ADGM Registration Authority, and Professor Nihel Chabrak, Chief Executive Officer of the UAEU Science and Innovation Park.
Under the deal, the ADGM RA and UAEU SIP will partner to set up an accelerator program within ADGM that will welcome start-ups nurtured under the umbrella of the UAEU Science and Innovation Park, through which start-ups will be supported on ventures within their focus fields.
The ADGM RA and UAEU SIP will work hand-in-hand to develop co-branded initiatives and engage in the exchange of insights to improve growth opportunities for entrepreneurs across the UAE.
“We’re pleased to be partnering with UAEU, a longstanding prestigious academic institution, to continue ADGM’s ongoing efforts in fostering the UAE’s entrepreneurial ecosystem and providing start-ups with valuable growth opportunities. Having forged this newfound relationship with UAEU, we look to provide start-ups with the necessary advisory, insights and tools to grow their businesses. This partnership will only further reinforce our efforts in positioning the UAE as a foremost destination for eager entrepreneurs looking to scale their operations and expand their presence across the MENA region.”
Commenting on the agreement, Prof. Nihel Chabrak said, “The partnership with ADGM illustrates the national coordinated effort to transform Abu Dhabi into a global hub for entrepreneurship and innovation. Leveraging on its proximity to the university, the UAEU Science and Innovation Park will play a major role in this new ecosystem by creating a pipeline of talent, and growing and attracting new knowledge-intensive businesses, which in turn will support creating new jobs and learning opportunities for students, and new R&D projects for faculty and researchers.”
Through the tenants’ support program, the UAEU SIP will also allow cross-fertilization between the innovation champions linked to the Park and ADGM and will create spillover effects to support economic diversification in the strategic areas set by Abu Dhabi and the country vision, Prof. Chabrak added.
Following the agreement, the ADGM RA will also enable UAEU Science and Innovation Park’s partners and enrolled entities to apply for a license at ADGM. Both the ADGM RA and UAEU will offer access to their respective ecosystems, as well as any industry events hosted by the other party.