Injazat, a technology company that is part of Abu Dhabi’s G42, has signed a preliminary agreement with Singapore’s tech trade association SGTech to collaborate on technology sharing and forging new partnerships on digitalisation and innovation.
The move comes as the UAE, the Arab world’s second-largest economy, and Singapore seek to boost co-operation in the technology sector.
As part of the agreement, companies in both countries will work together on projects such as smart city technologies and digital transformation, the two entities said on Monday.
Injazat has become the first international company to be included in the SGTech association, which was exclusive to Singaporean companies previously.
SGTech represents more than 1,000 companies from start-ups to top multinational corporations in Singapore.
“This partnership between the UAE and Singapore SGTech will accelerate tech innovation in the two countries and beyond,” Jamal Al Suwaidi, UAE ambassador to Singapore, said.
“It reflects the special and deeply rooted bilateral relations binding the Republic of Singapore and the UAE.”
The latest agreement comes as the UAE continues to boost its digital economy with new initiatives and programmes.
Last year, the Emirates unveiled the Entrepreneurial Nation initiative, the goal of which is to make the country home to 20 unicorns — or start-ups with a valuation of $1bn and above — by 2031, as well as attract and expand small and medium enterprises.
The UAE is also offering incentives such as access to finance and easier visa procedures to help technology companies move their operations to the UAE as part of the NextGenFDI initiative.
The Emirates has created the “best ecosystem for entrepreneurs, 'tech-preneurs', as well as start-ups to flourish and expand their impact on the world of AI [artificial intelligence] and digital economy”, Omar Al Olama, Minister of State for Digital Economy, AI and Remote Work Applications, said during the Gitex Global that concluded last week.
Last week, the UAE also launched a national programme to boost the pace of the technological transformation of its industrial and production sector with plans to develop 1,000 technological projects.
The programme includes the establishment of national centres for industrial empowerment and plans to export Dh15 billion ($4.1bn) worth of advanced Emirati technological products a year.
“With equally ambitious digital economy strategies and fast-flourishing technology ecosystems, there is a growing convergence of sharing between GCC and South-east Asia countries,” Martin Yates, chief technology officer at Injazat, said.
“As the gateway to Singapore's tech industry, our partnership with SGTech presents a great opportunity for the UAE’s tech industry to gain valuable knowledge and expand business horizons globally.”
G42, the Abu Dhabi-based AI and cloud computing company, is backed by Mubadala Investment Company. In August, it said it is launching a $10bn fund that will invest in emerging technology in high-growth regions across the globe to expand its portfolio of investments.