UAE launches technology fund for developing nations

DUBAI: The United Arab Emirates on Monday launched a fund to finance the development of sophisticated technology in developing nations.

The fund was launched with capital of $200 million, financed by the Abu Dhabi government, and will be overseen by the Gulf state’s Advanced Technology Research Council (ATRC), the council said.

ATRC Secretary General Faisal Al Bannai said the fund would open up technologies developed by the Gulf state to governments and organisations in poorer nations, and would finance research projects.