BUSINESS

UAE’S ATRC ALLOCATES US$200 MLN FUND TO ADVANCE INNOVATION FOR DEVELOPING NATIONS

14/02/2024 04:03 PM

KUALA LUMPUR, Feb 13 (Bernama) -- Abu Dhabi’s Advanced Technology Research Council (ATRC) has launched ‘ATRC Global Tech R&D Platform’, a pioneering initiative aimed at facilitating global access to cutting-edge technology solutions, at the World Governments Summit (WGS) 2024.

The platform serves as a channel for countries worldwide to tap into the United Arab Emirates (UAE)'s technological expertise to address their unique challenges.

As the driving force behind Abu Dhabi and the wider UAE's advanced research and development (R&D) ecosystem, this initiative underscores ATRC's commitment to fostering inclusive growth and global prosperity.

Its Secretary General, Faisal Al Bannai, underscores the profound global impact of the initiative, said its commitment is to empower every nation with the means to thrive in this technology-driven world.

“ATRC stands ready to partner with countries worldwide, leveraging our expertise in technology to address their challenges and drive collective progress in the AI-driven era," he said in a statement.

Al Bannai is set to address a plenary session at the World Governments Summit, highlighting his views on artificial intelligence (AI)’s evolution and emerging opportunities.

To initiate applications through the platform, ATRC is allocating US$200 million in funding to accelerate innovation, particularly for emerging and developing nations, and by committing to absorb resource and research costs, the funding facilitates the development of sophisticated technology solutions, empowering these nations to keep pace with the latest advancements. (US$1=RM4.76)

The platform invites applications from governments, organisations, and eligible stakeholders worldwide, prioritising collaboration, and inclusivity.

Through a rigorous evaluation process, initiatives aligned with the platform's mission will receive support in six priority sectors namely, Aerospace and Space; Food and Agriculture; Healthcare; Safety and Security; Sustainability, Environment, and Energy; and Transport.

In a similar stance to support the wider adoption of advanced technologies, last year, the Technology Innovation Institute (TII) was among the first to open-source its world ranking large language model, Falcon 40B under the Apache 2.0 licence, royalty-free.

-- BERNAMA


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