Abu Dhabi: The Abu Dhabi Department of Economic Development (ADDED) has partnered with Hub71, Abu Dhabi’s global tech ecosystem to enhance the Emirate’s innovation ecosystem by further developing the regulatory environment for innovative products and services.
This strategic alliance will design and launch the Abu Dhabi regulatory sandbox program, a collaborative platform that brings together companies in priority clusters such as Health Tech, Mobility, and AgriTech with regulatory authorities and policymakers.
By promoting creativity, collaboration, and regulatory experimentation among participants, the program seeks to create a regulatory environment that promotes new technologies and fosters regulatory innovation.
Undersecretary of ADDED Rashed Abdulkarim Al Blooshi was present at the announcement of the new partnership between Hub71 and the Competitiveness Office of Abu Dhabi (COAD), which is ADDED’s arm to boost the Emirate’s competitiveness. Hub71 will help companies with unproven innovations that are almost ready for market entry, draw businesses to Abu Dhabi, direct businesses to the right regulators, and give businesses the support they need to expand.
Hala Al Ameri, Executive Director of COAD, said that, “Our partnership with Hub71 will boost efforts and initiatives serving the Abu Dhabi Regulatory Sandbox Programme, which provides the opportunity for innovative entrepreneurs to develop value-added solutions that will increase Abu Dhabi’s competitiveness. Leveraging Hub71’s global tech expertise will help in streamlining coordination among various stakeholders in the Emirate and simplifying the product launch process.”
“Within an experimental environment, companies can test their products and services in an organized and controlled manner for a specific period. When the testing is successful, those companies are allowed to introduce their solutions to the market in accordance with the controls enacted by the regulatory authorities,” Al Ameri added.
With the signing of the MoU, Abu Dhabi is establishing itself as a center for innovation and offering a conducive corporate environment that encourages innovation.