The United Arab Emirates is investing heavily in innovation, but protecting the economic security of its people is its top priority, said Dr. Tariq Bin Hendi, director-general of the Abu Dhabi Investment Office, at Wednesday’s Global Investment Forum in Dubai, sponsored by The Jerusalem Post and the Khaleej Times.
“The UAE receives the highest amount of foreign direct investment in the Arab world,” Bin Hendi said. “We are ranked No. 1 in the region for entrepreneurship, according to the Global Entrepreneurship Index for 2020. We actually climbed a notch from fifth to fourth between 2019 and 2020, and the single reason for that growth was our focus on people’s safety.
“All of our initiatives revolve around funding and de-risking. It focuses on how it is that we design the right policies and regulations, how it is that we enable the environment, how it is that we make sure that entrepreneurs are prepared to take their ideas forward, and how it is that they can use the UAE as a base to grow their ideas and nurture their ideas and then expand into the wider region.
“Anything the UAE learns about technology that we can share with our Israeli colleagues is going to be very important to making sure that this relationship is strengthened and that it’s nurtured in the right way,” Bin Hendi said.
“We are focused on everything from ag-tech, health-tech, the ICT [information communications technology] sector, tourism, and the list goes on.
“We want the people of Israel and the people of the world to come and join us on this journey, work with us, learn from us, allow us to learn from you, and ultimately build a strong relationship.
“Technology is a means to an end,” Bin Hendi concluded. “Innovation is what is going to continue to drive our evolution as a country and ultimately as a region.
“A lot of our country’s issues stem from water scarcity, food security, and ultimately creating the right jobs and the right number of jobs for youth.
“Youth unemployment in the region is something that has to be addressed, and our leadership in this country is making sure that as we drive the adoption of technology and innovation and create this knowledge-based economy, we are creating new jobs for the new generation of job seekers, so that they can come in and participate with us.
“Ultimately, diversifying our economies to make sure that they’re robust and resilient is the recipe for success.”