UAE has formally launched a TradeTech Accelerator, an innovative incubator designed to support startups developing advanced technology solutions for use in the trade sector. 

 

Forming one of the key pillars of the TradeTech Initiative, which was launched by the UAE in collaboration with the World Economic Forum (WEF) and the Abu Dhabi Department of Economic Development (ADDED), the Accelerator will help nurture enterprises and projects that will contribute to modernise and improve logistics, customs procedures, trade finance and cross-border payments.

 

Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, launched the Accelerator during WEF’s Annual Meeting of the Global Future Councils 2024, which took place between October 15 and 17 in Dubai. 

 

Inclusive and sustainable

The event gathered more than 500 representatives of the public and private sectors, academia, and civil society from 80 countries to shape a more resilient, inclusive and sustainable future. He also announced that Plug & Play, a globally renowned innovation platform with extensive experience in nurturing startups, will be the Accelerator’s official partner, providing mentorship, collaboration opportunities, and guidance to the participating companies.

 

Al Zeyoudi also called for applications to the Accelerator, which is now open to submissions from companies developing solutions that utilise artificial intelligence (AI) – which is the focus of the second year of the TradeTech Initiative. It is hoped the first cohort will graduate from the Accelerator in March 2025.

 

He said: “The TradeTech Initiative underlines the UAE’s leadership on global trade issues. By driving innovation and promoting the integration of advanced technologies, including AI, into supply chains, we can envision a more efficient, more robust and more accessible global trading system. The TradeTech Accelerator is an essential part of these efforts, supporting the development of the ideas and enterprises that will enhance processes right the way along the value chain, from securing trade finance to customs clearance documentation. 

 

“The Accelerator will not only provide the support and guidance to develop the best TradeTech solutions but connect them with key players in the logistics and trade sectors to ensure they are viable and scalable. This step will begin to turn promising projects into real-world solutions.”

 

Incentivising innovation

Ahmed Jasim Al Zaabi, Chairman of ADDED, said: “The launch of TradeTech Accelerator Programme is fully aligned with strategic objectives of the UAE and Abu Dhabi, which is an epitome of incentivising innovation, championing startups, and developing advanced technologies to enhance efficiencies in the trade ecosystem. Hub71, Abu Dhabi’s global tech ecosystem, and the Advanced Trade & Logistics Platform (ATLP), the single window platform for trade, emerge as testament to our commitment and efforts to support convergence of trade and technology, support of startups and technological innovations.”

 

“We are continuously evolving trade facilitation solutions, including AI-powered systems, to simplify procedures, reduce time and cost, and increase trade volumes as we cement Abu Dhabi’ position as preferred hub for talents, businesses, investments, and a key node on international supply chains. By enabling startups to unlock the potential of advanced and emerging technologies, the TradeTech Accelerator Programme is paving the way to develop innovative solutions that will shape the future of trade and enhance its role in sustainable development.”

 

Tim Stekkinger, Head, TradeTech Global Initiative, World Economic Forum, said: “Startups are leading a new era of trade innovation, using technology to break down barriers across logistics, finance, and more. By working alongside corporates and regulators, they are crucial in addressing today’s most pressing trade challenges.”

 

Vital role

On partnering with the TradeTech Accelerator, Saeed Amidi, Founder & CEO at Plug and Play, said: “We are excited to launch the TradeTech Accelerator Programme in partnership with the Ministry of Economy of the UAE, the Abu Dhabi Department of Economic Development, and the World Economic Forum. This programme will play a vital role in supporting the growth of innovative startups shaping the future of trade and creating more efficient, secure, and sustainable trade globally.”

 

Since the launch of the Global TradeTech Initiative in Davos in 2023, the UAE has continued to lead efforts to create a modern, digitally-enabled trading system. The launch of the Accelerator follows the publication of the first TradeTech Report and the gathering of the first TradeTech Forum, which was held alongside the 13th Ministerial Conference of the World Tarde Organisation in Abu Dhabi in February 2024.

 

The Annual Meeting of the Global Future Councils 2024 is being hosted by the UAE. The meeting features 30 thematic councils focused on future opportunities across five key areas including technology and AI, climate and environment, governance, economy and finance, and society. The event brings together a diverse group of leaders, thinkers, and innovators from around the world to share their insights and visions for the future.--TradeArabia News Service