Abu Dhabi Developmental Holding Company, ADQ, will be allocating $27.2m for research and development of its technology sectors as part of its recently-launched Growth Lab.
The Growth Lab follows the company‘s objective of developing innovation and research and development, further contributing to UAE’s economy. Further funds will be allocated to artificial intelligence and automation as well.
“Working with regulators, the ADQ Growth Lab will also promote the development of emerging trends across ADQ’s core sector clusters that include Energy and Utilities; Food and Agriculture; Healthcare and Life Sciences; and Mobility and Logistics. Moreover, ADQ Growth Lab will support partnerships with start-ups, scale-ups, and other technology partners to accelerate growth and position ADQ’s portfolio companies for the future” the company said in a statement.
This community of innovators will facilitate the rising of strategic partnerships, specifically between industry and academia professionals to contribute to future research. To further facilitate this process, ADQ, in collaboration with over 20 of its portfolio companies, brought together a number of 30 innovation and R&D leads to allow for collaboration and knowledge exchange.
“By facilitating and fostering collaboration across ADQ’s portfolio and the wider innovation ecosystem, we are confident that ADQ Growth Lab will unlock growth opportunities that can accelerate value creation and further support UAE’s transformation into a knowledge-based economy,” stated Chief Strategy Officer Louay Abou Chanab.
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