12 Feb 2023
Ministry of Economy launches six new initiatives during UAE Innovation Month 2023
H.E. Bin Touq: The Ministry’s initiatives this year are designed to promote innovation culture within the government sector
The Ministry of Economy announced the launch of six new and diverse initiatives in connection with the UAE Innovation Month 2023. The initiatives are designed to support the national efforts to establish a culture of innovation across all segments of society and motivate them to come up innovations in priority sectors. These efforts align with the objectives of the national strategies for innovation and advanced innovation and the UAE’s transition to a knowledge-based, competitive economy.
H.E. Abdullah bin Touq Al Marri, Minister of Economy, said: “Thanks to the vision and directives of our wise leadership, the UAE today has an advanced innovation and creativity environment, characterized by integrated policies, institutions and pioneering digital infrastructure. The UAE sees innovation as one of the key pillars for achieving sustainable development and transitioning to new economy sectors.”
H.E. added: “The innovative initiatives launched by the Ministry in connection with this year’s Innovation Month will contribute to strengthening the UAE’s government innovation ecosystem; empowering national talent in the fields of innovation and creativity; encouraging individuals and institutions to think out of the box; and increasing the number of new business ventures. They will help solidify the UAE’s position as a regional and global destination for development based on knowledge and innovation, and will nurture and attract talent in line with the goals for the next 50 years.”
The innovative initiatives launched by the Ministry are the following.
- The Minister of Economy Award for Innovation
The ‘Minister of Economy Award for Innovation’ raises awareness on the importance of innovation and promotes competitiveness among the Ministry’s employees and customers. The award is set to attract extensive participation and will serve the Ministry’s fields of work by proposing innovative projects that have the potential to address challenges. It encourages employees to develop online and smart services for the public, thus catalyzing innovation within the work environment and taking advantage of in-house talent. The Ministry further revealed that a new category, namely ‘Innovative Leader,’ has been added to the award.
- Strategic retreat for innovative transformational projects
The Ministry’s Strategy and Future Department has launched a strategic retreat aimed at attracting ideas for transformational projects for the World Futures Day. It is set to increase the number of innovative projects in the country’s priority sectors, promoting the culture of innovation, and transferring skills and innovative knowledge to the community.
- Digital platform for startups and business incubators in the country
The digital platform launched by the Ministry for startups and business incubators in the country targets several sectors including artificial intelligence and advanced technology. It is designed to facilitate access for investors and businessmen to an integrated database that can help them identify investment opportunities in startups.
- Participation in the sixth edition of UAE Hackathon
As part of its activities during the UAE Innovation Month 2023, the Ministry of Economy participated in the sixth edition of the ‘UAE Hackathon’ in cooperation with the Telecommunications and Digital Government Regulatory Authority (TDRA). The hackathon featured the participation of school and university students, in addition to entrepreneurs and researchers. Besides, it saw unique and practical solutions and innovative projects being presented in digital and technological sectors. The Ministry began accepting applications for participation in the ‘UAE Hackathon 2023’from the beginning of the Innovation Month.
- New partnerships under NextGenFDI initiative
The fifth initiative is aimed at expanding the network of partnerships under NextGenFDI initiative by forging new partnerships with targeted international companies in fields related to innovation, technology, and the new economy.
6. Dialogue session with owners of innovative projects
The sixth initiative is a dialogue session with the owners of innovative projects to support them and help them overcome the obstacles and challenges they face. The initiative will enable them to share their success stories, experiences and expertise in the fields of entrepreneurship, innovation, and creativity with the Ministry employees. It comes on the heels of the one-year sabbatical initiative that was introduced to encourage the UAE’s federal government employees to pursue entrepreneurial ventures.
In addition, the Ministry will organize a series of visits for its employees to the Museum of the Future in order to motivate them to innovate and create; think outside the box; and develop their sense of innovation and creativity; apart from awarding cash prizes to innovative employees.