The Ministry of Economy (MOE), in cooperation with Microsoft, the Intesa Sanpaolo Innovation Center and the Italian Cariplo Factory, launched a global initiative called ‘Circular Economy Turns Digital’ to accelerate the transition towards a circular economy through digital technology.

The initiative aims to enable technology-based startups in both the UAE and Italy to present their innovations before leading global companies in this field, to identify the most capable and advanced innovations that can support the transition towards a circular economy. It will also provide an opportunity for these startups to enter into commercial partnerships with global companies.

The circular economy is as considered an economic system that eliminates waste, preserves resources, and improves their usability. The transformation towards this economic model is one of the main areas of focus of the Ministry, it strives to create a supportive environment for circular economy in a way that serves the UAE’s orientations and its future vision in this regard. It plays a significant role in generating development opportunities and enhancing the national economy's ability to support sustainability.

The initiative has three main phases and starts with registration through the Ministry’s website, which will be open from October 17 to November 7, 2020.

Out of all registrants, a minimum of 15 qualified UAE startups will be selected for the second phase, during which, they will present their innovations and technological solutions before a number of Italian and global companies in December this year. This phase will provide the shortlisted candidates with a valuable opportunity to explore partnerships and signing of trade agreements with the participating global firms.

The third phase will see startups that were selected for cooperation and agreements in the second phase launch their pilot projects. Besides, they will have the opportunity to carry out further feasibility studies and development procedures in innovation laboratories before starting their operations in a commercial scale.

In the beginning of this year, MOE had signed a Memorandum of Understanding with the Intesa Sanpaolo Innovation Center to develop areas of cooperation in the fields of circular economy, innovation and small and medium enterprises (SMEs). The Italian group is one of the leading international players in this field and has already launched many initiatives to develop sustainable economic solutions.

H.E. Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, said that this important initiative provides a supportive environment for entrepreneurs and owners of start-ups and innovative ventures in the country, enabling them access to foreign markets and discover opportunities for partnerships and exchange of expertise.

To participate in this initiative, the product/solution should be in the final stages and must be ready for the laboratory testing phase in preparation for commercial production, so that commercial production can begin immediately.

Source- Press Release Country- UAE