UAE Launches TradeTech Accelerator to Drive Innovation in Global Trade

Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, has officially launched the TradeTech Accelerator, an incubator designed to support startups developing advanced technology solutions for the trade sector.

The initiative is part of the broader TradeTech Initiative, which was launched in partnership with the World Economic Forum (WEF) and the Abu Dhabi Department of Economic Development (ADDED). The Accelerator aims to modernize logistics, customs procedures, trade finance, and cross-border payments.

Unveiled at the WEF’s Annual Meeting of the Global Future Councils 2024 in Dubai, the TradeTech Accelerator will offer mentorship, collaboration, and guidance to participating startups through its partnership with Plug & Play, a leading global innovation platform. The Accelerator is now open to companies utilizing AI solutions, with its first cohort expected to graduate in March 2025.

Dr. Al Zeyoudi emphasized that the initiative reflects the UAE’s leadership in global trade, fostering innovation and AI integration to create a more efficient and accessible trading system.

“The TradeTech Accelerator will develop solutions that enhance processes across the value chain, from trade finance to customs clearance,”

he stated.

The UAE’s TradeTech efforts have made significant strides since the launch of the Global TradeTech Initiative at Davos in 2023, and the Accelerator is poised to shape the future of trade with sustainable and tech-driven solutions.

News Source: Emirates News Agency