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FINANCIAL NEWS
UAE to invest USD22m in ICT sector
19 Jun 2011
(MENAFN) UAE’s Information and Communication Technology (ICT) Fund’s Chairman, Dr. Abdulqader Al Khayat, said that the country would invest around USD22 million in education, start-ups and Research and Development (R&D) in the ICT sector, reported Emirates 24/7.
Al Khayat added that in its aim to develop the ICT sector to compete in the international arena, the ICT Fund would allocate USD6 million to its applied and basic R&D development initiative, moreover, R&D would be financed by the ICT Fund in partnership with universities and research organizations, in addition to individual research projects.
He also said that the fund’s financing would be between USD816,658 to USD1.3 million for research projects and up to USD9.5 million for the whole project which includes the establishment of facilities and the completion of the project.
It is worth noting that this year, the UAE market will gain USD13.6 billion, up from USD8.2 billion earned six years ago with an annual growth rate of about 20 percent.
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