UAE unveils “Circular Economy” initiative to hasten transition with digital technology

By Rahul Vaimal, Associate Editor
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UAE Ministry of Economy, in partnership with Microsoft, the Intesa Sanpaolo Innovation Centre and the Italian Cariplo Factory, has announced the launch of the ‘Circular Economy Turns Digital’ global initiative to accelerate the transition to a circular economy through digital technology.

The objective of the initiative is to allow technology-based start-ups in both the UAE and Italy to present their innovations to the world’s leading companies in this sector and also to identify the most capable and advanced innovations that can support the transition to a circular economy.

This project would also allow these start-ups to enter into commercial alliances with multinational companies.

An economic system that removes waste, retains energy and increases its usability is known to be a circular economy. It plays a crucial role in generating development opportunities and improving the national economy’s capacity to support sustainability.

The initiative is based on three primary stages and begins with registration through the official website of the Ministry.

In December this year, at least 15 qualified UAE startups from all registrars will be selected for the second phase to present their innovations and technological solutions to several Italian and global companies.

This phase will provide a valuable opportunity for shortlisted applicants to explore collaborations and sign trade agreements with the participating global firms.

Dr. Ahmad Belhoul Al Falasi
Dr. Ahmad Belhoul Al Falasi
Minister of Entrepreneurship and SMEs

“This outstanding initiative provides a supportive environment for entrepreneurs and owners of start-ups and innovative ventures in the country, enabling them access to foreign markets and discover opportunities for partnerships and exchange of expertise. The UAE is one of the leaders in supporting the global transition to a circular economy, noting that this global initiative offers an excellent opportunity for innovative and advanced technology-based startups operating in the country to make global links; to showcase their inventions and products in preparation for commercial production, and to develop partnerships with the leading companies that are part of this initiative.”

The ‘Circular Economy Turns Digital’ initiative enables startups in the UAE to interact and share experiences with their counterparts in the Italian industry. It enables them to demonstrate their innovations before Italian and global companies and to explore possibilities for collaborations and cooperation agreements with them.

At the beginning of this year, the Ministry signed with the Intesa Sanpaolo Innovation Centre a Memorandum of Understanding (MoU) to establish opportunities for cooperation in the areas of a circular economy, innovation and small and medium-sized enterprises (SMEs).

As one of the leading international companies in this area, the Italian group has already launched a range of initiatives to establish sustainable economic solutions.

To participate in this initiative, the product should be in the final stages and prepared for the laboratory test phase in preparation for commercial production, so that commercial production can start immediately.