UAE Ministry of Finance signs MoU with Sabah Al-Ahmad Center for Giftedness and Creativity

As part of its commitment to strengthen joint cooperation and exchange expertise on innovation, the UAE Ministry of Finance (MoF) signed a Memorandum of Understanding (MoU) with Sabah Al-Ahmad Center for Giftedness and Creativity (SACGC). The signing took place at SACGC’s premises on the 5^th of April, 2017.

The MoU was signed by Fatima Yousef Al Naqbi, the Chief Executive Officer of Innovation at MoF, and Dr. Omar Al-Bannai, General Manager at SACGC, in the presence of Faisal Al Mansouri, Director of Macroeconomics and financial policies; Majid Omran, Director of International Financial Relations and Organisations’ Department at MoF; and Maryam Al Naqbi, a member of the Innovation team.

HE Younis Haji Al Khouri, Undersecretary of MoF, stressed the Ministry's commitment towards implementing the National Innovation Strategy and creating an environment to support innovation in UAE. HE Al Khouri said: “This MoU is a part of the Ministry of Finance’s efforts to invest in building national talents and capabilities in innovation. The Ministry's strategic partnerships enable it to achieve its innovation objectives at the local, regional and international level.”

HE added: “The Ministry of Finance has accomplished significant achievements in innovation through implementing and managing important initiatives, which upgrade national capabilities to adhere to international practices. Firstly, this was achieved through providing innovations which support sustainable government financial work at the federal level. Secondly, this was achieved through the "Sheikh Mohammed bin Rashid Al Maktoum Fund to Finance Innovation", which finances innovative entrepreneurs at a reasonable cost, and provides them with the necessary securities to facilitate their access to commercial loans to finance their projects."

Dr. Omar Al-Bannai, General Manager at SACGC, said: “This agreement reflects the parties’ commitment to joint cooperation, exchange of information and experiences to develop a bilateral partnership. This creates a nurturing environment for creativity and innovation, as both parties have the potential to achieve their objectives of spreading a culture of innovation and creativity. Both parties also provide technical support and reduce obstacles that innovators face through coordination and development of joint activities that contribute to community development and invest in creative energies.”

Dr. Al-Bannai added: “In the long term, the commitment of those who maintain the economic, scientific and technological development of both countries is brought by developing the youth and national talents to achieve scientific progress and sustainable development. Through providing the suitable environment, we can instill the necessary skills in the next generation in order to achieve joint objectives of becoming countries of technology resources and production.”

The MoU stipulates that both parties shall endeavor, in accordance with the respective responsibilities, to coordinate efforts to empower a culture of innovation. It also mandates both parties to contribute to the establishment of a supportive environment and the exchange of experiences to develop skills in innovation, talent and various projects, to hold joint activities between both parties, and to provide the technical and developmental support for innovation projects to strengthen their success.

A team from both parties will be developed to implement the terms of the MoU, and periodic meetings will be held between both parties to follow up on the implementation of the agreed activities and programmes. A periodic evaluation of the cooperation process will be carried out and necessary reports will be prepared to strengthen joint cooperation.

The objectives and specialties of SACGC aim to sponsor talented and creative people, and provide them with the necessary support to develop their talents internationally. SACGC also aims to focus on human resources and develop them as a key pillar of scientific improvement and sustainable development.