DUBAI: Dubai’s crown prince on Tuesday launched an initiative aimed at boosting key economic sectors in the city and creating new opportunities for growth.
Sheikh Hamdan bin Mohammed bin Rashid Al-Maktoum said the research and development program would provide a comprehensive framework for innovation in Dubai, the Emirates News Agency reported.
Outlining the city’s top priorities in research and development, innovation, legislation, and projects investment, the scheme will also identify areas for increased domestic spending and private-sector participation.
The program is in line with Dubai’s vision of developing knowledge- and innovation-driven solutions to the most pressing local and global challenges, as well as increasing the productivity of existing sectors by providing new paths for economic growth. It also identifies significant radical changes and ways to address them.
It will seek to provide a roadmap and comprehensive governance model, set priorities for research and development, funding, and investments, increase the city’s research and development expenditure, and maximize private-sector involvement.
The crown prince said: “Maximizing the private sector’s engagement in R and D is crucial to achieving our future goals in Dubai. Major economies and leading global cities have made great strides throughout history due to their focus on research and development.
“Therefore, boosting scientific and technological research is pivotal to achieving Dubai’s vision for the future economy.”
He added that it was important to leverage Dubai’s growth potential in the sector by encouraging international companies to conduct research and development in the city, adopting innovative ideas and methodologies, and promoting the knowledge-based economy and advanced technologies.
A newly established research and development council will monitor the progress of the program’s targeted objectives in accordance with UAE national strategies to boost innovation.
The program will also create a comprehensive approach for establishing funding procedures, facilitating investment opportunities and related collaborations, and supporting key innovative projects.
Throughout the city, the main areas of focus will be on health and well-being, environmental technology, smart built infrastructure, and space and augmented human-machine intelligence.
The adoption of disruptive technologies such as artificial intelligence, big data, the internet of things, blockchain, robotics, drones, and 3-D printing, will support the program’s initiatives in those areas.