MoF signs pact with SACGC to empower culture of innovation

Kuwait / WAM

As part of its commitment to strengthen cooperation and exchange expertise on innovation, the UAE Ministry of Finance (MoF) signed an MoU with Sabah Al-Ahmad Centre for Giftedness and Creativity (SACGC). The signing took place at SACGC’s premises.
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.
Younis Haji Al Khouri, Under-Secretary of MoF, stressed the Ministry’s commitment towards implementing the National Innovation Strategy and creating an environment to support innovation in UAE. 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 said, “This agreement reflects the parties’ commitment to joint cooperation, exchange of information and experiences to develop a bilateral partnership. It 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.”
The MoU stipulates that both parties shall endeavour, in accordance with 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, hold joint activities, and provide technical and developmental support for innovation projects to strengthen their success.