The Ministry of Economy, in cooperation with Microsoft, the Intesa Sanpaolo Innovation Centre and the Italian Cariplo Factory, has announced the launch of a global initiative called ‘Circular Economy Turns Digital’ to accelerate the transition towards a circular economy through digital technology.

Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, said that this outstanding initiative provides a supportive environment for entrepreneurs and owners of start-ups and innovative ventures in the country, enabling them access to foreign markets and discover opportunities for partnerships and exchange of expertise.

He added that the UAE is one of the pioneers in supporting the transformation towards a circular economy globally, noting that this global initiative provides innovative and advanced technology-based startups operating in the country with an excellent opportunity to make global connections; to display their innovations and products in preparation for commercial production; and to form partnerships and cooperation with leading international companies that are participating in this initiative.

The initiative aims to enable technology-based startups in both the UAE and Italy to present their innovations before leading global companies in this field, to identify the most capable and advanced innovations that can support the transition towards a circular economy.

The said initiative will also provide an opportunity for these startups to enter into commercial partnerships with global companies.

The circular economy is considered an economic system that eliminates waste, preserves resources, and improves their usability. It plays a significant role in generating development opportunities and enhancing the national economy’s ability to support sustainability.

The initiative is based on three main phases and starts with registration through the Ministry’s website, which will be open from 17th October to 7th November.

Out of all registrants, a minimum of 15 qualified UAE startups will be selected for the second phase to present their innovations and technological solutions before a number of Italian and global companies in December this year.

This phase will provide the shortlisted candidates with a valuable opportunity to explore partnerships and signing of trade agreements with the participating global firms.

The third phase will see startups that were selected for cooperation and agreements in the second phase launch their pilot projects. They will have the opportunity to carry out further feasibility studies and development procedures in innovation laboratories before starting their operations in a commercial scale.

At the beginning of this year, the Ministry had signed a Memorandum of Understanding with the Intesa Sanpaolo Innovation Centre to develop areas of cooperation in the fields of circular economy, innovation and small and medium entreprises, SMEs.

The Italian group is one of the leading international players in this field and has already launched many initiatives to develop sustainable economic solutions.

The ‘Circular Economy Turns Digital’ initiative allows startups in the UAE to communicate with their counterparts in the Italian market and exchange experiences. It allows them to showcase their innovations before Italian and global companies and explore partnership and cooperation agreement opportunities with them.

To participate in this initiative, the product should be in the final stages and must be ready for the laboratory testing phase in preparation for commercial production, so that commercial production can begin immediately.

Meanwhile, the UAE has been ranked first in the Arab orld in the post-COVID economic recovery index published by the Horizon Research Group. The index assesses the capabilities and competitive advantages possessed by various countries that helped them effectively deal with the crisis and drive recovery.

The index aims to contribute to the development of effective policies to navigate the associated challenges and to further support the efforts that have been undertaken to achieve a complete recovery in all sectors.

According to the findings of the report, which covers 122 countries, the UAE is at the forefront of Arab countries, supported by many factors and areas of strength including a strong institutional framework and advanced digital capabilities across various sectors, in addition to the high educational level of the population. The strong performance of the country’s various institutions in dealing with the pandemic since its onset until now is evident in the UAE’s success in navigating the crisis.

WAM