UAE Launches TradeTech Accelerator To Support Startups In Trade Innovation

The UAE has introduced a TradeTech Accelerator, spearheaded by Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade. This initiative supports startups creating advanced tech solutions for the trade sector. It is a crucial part of the TradeTech Initiative, launched with the World Economic Forum (WEF) and Abu Dhabi Department of Economic Development (ADDED), aiming to modernise logistics, customs, trade finance, and cross-border payments.

Dr. Al Zeyoudi announced the Accelerator during WEF’s Global Future Councils 2024 meeting in Dubai from October 15-17. The event attracted over 500 participants from various sectors worldwide to discuss a sustainable future. Plug & Play, an innovation platform known for nurturing startups, will partner with the Accelerator to offer mentorship and collaboration opportunities.

The Accelerator is now accepting applications from companies developing AI-based solutions, aligning with the second year of the TradeTech Initiative's focus. The first cohort is expected to graduate in March 2025. Dr. Al Zeyoudi stated: "The TradeTech Initiative underlines the UAE’s leadership on global trade issues. By driving innovation and promoting the integration of advanced technologies, including AI, into supply chains, we can envision a more efficient, more robust and more accessible global trading system."

Ahmed Jasim Al Zaabi, Chairman of ADDED, highlighted that the TradeTech Accelerator aligns with UAE's strategic goals to foster innovation and support startups in enhancing trade efficiencies. He mentioned Hub71 and ATLP as examples of Abu Dhabi’s commitment to merging trade with technology and supporting technological innovations.

Al Zaabi added that evolving trade facilitation solutions like AI-powered systems simplify procedures and reduce costs while increasing trade volumes. This positions Abu Dhabi as a hub for talent and business within international supply chains. The Accelerator enables startups to harness advanced technologies to shape future trade solutions.

Tim Stekkinger from WEF noted that startups are pivotal in revolutionising trade by using technology to overcome barriers in logistics and finance. Collaborating with corporates and regulators helps address significant trade challenges today.

Saeed Amidi, CEO at Plug & Play, expressed enthusiasm about partnering with UAE’s Ministry of Economy, ADDED, and WEF for the TradeTech Accelerator Program. He said: "This program will play a vital role in supporting the growth of innovative startups shaping the future of trade and creating more efficient, secure, and sustainable trade globally."

The UAE has been leading efforts towards a digitally-enabled trading system since launching the Global TradeTech Initiative in Davos in 2023. The Accelerator follows key events like publishing the first TradeTech Report and hosting the initial TradeTech Forum alongside WTO's 13th Ministerial Conference in Abu Dhabi in February 2024.

The Global Future Councils 2024 meeting hosted by UAE features 30 thematic councils focusing on areas like technology, AI, climate change, governance, economy, finance, and society. It gathers leaders worldwide to share insights on future opportunities.

With inputs from WAM