The Finance World Magazine| Edition: March 2023

UAE Reforms
Ministry of Economy Unveils Six New
Initiatives for UAE Innovation Month 2023
The UAE Innovation Month is an
annual event that encourages
individuals and institutions
to embrace innovation and
creativity. The Ministry of Economy’s
launch of six new and diverse initiatives
is a testament to the country’s
commitment to establish a culture
of innovation across all segments of
society. These efforts align with the
objectives of the national strategies for
innovation and advanced innovation,
and the UAE’s transition to a knowledgebased,
competitive economy.
The first initiative, 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 second initiative, a strategic
retreat for innovative transformational
projects, is aimed at attracting ideas
16 www.thefinanceworld.com March 2023
for transformational projects for the
World Futures Day. This retreat 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.
The third initiative, a digital platform
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.
The fourth initiative, the Ministry
of Economy’s participation in the
sixth edition of the UAE Hackathon,
is aimed at promoting unique and
practical solutions and innovative
projects in digital and technological
sectors. This initiative features the
participation of school and university
students, in addition to entrepreneurs
and researchers, and applications for
participation in the UAE Hackathon
2023 are being accepted from the
beginning of the Innovation Month.
The fifth initiative, aimed at
expanding the network of partnerships
under the NextGenFDI initiative, is to
forge new partnerships with targeted
international companies in fields
related to innovation, technology,
and the new economy. This initiative
will enable the country to benefit
from the expertise and experience of
international companies in the fields
of innovation and technology.
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.
Apart from these initiatives, the
Ministry of Economy will organize a
series of visits for its employees to
the Museum of the Future to motivate
them to innovate and create. It will
also award cash prizes to innovative
employees. These initiatives are
designed to strengthen the UAE’s
government innovation ecosystem,
empower national talent in the fields
of innovation and creativity, encourage
individuals and institutions to think out
of the box, and increase the number
of new business ventures.