Dubai plans to set up tech institute

By Shakir Husain, Staff Reporter
Published: March 03, 2008, 00:47

Dubai: Dubai is setting up a technology institute in TechnoPark, an industrial area under Dubai World Economic Zones World, to work on research and development (R&D) projects focused on commercial applications.

The Dubai Institute of Technology (DIT) aims to develop programmes in line with the emirate's aim of becoming a knowledge-based society, Salma Hareb, chief executive officer of Jafza and Economic Zones World, told Gulf News.

"The objective is to bring knowledge and technologies to Dubai. This was the original idea behind TechnoPark," Hareb said.

"We will not be doing research for the sake of research. We want R&D to result in technologies for practical use," she added.

DIT will operate as the technology arm of TechnoPark and enter into agreements with private investors and other institutes involved in scientific activities. "It is our contribution towards establishing Dubai and the region as a hub for science, technology and innovation," Hareb added.

One of its initial plans is to develop Nanotech Valley, an exclusive free zone for nanotech business. It will be developed on area of more than 200,000 square metres. DIT expects the project to attract $500 million in direct investments and have 100 companies in the first three years. Another plan is to launch an international business school.

TechnoPark, which focuses on areas like water technologies, energy and environment, is developing a special area where companies involved in R&D will be based.

DIT also plans to set up a fund with a South Korean partner and enter into partnerships with other investment funds in the technology sector.

"We are negotiating with Korea Technology Investment Corporation, a 25-year private equity management company based in Seoul, to establish the $300 million Asia Gulf Horizons Fund. This fund will be the largest private equity initiative designed to support technology development and commercialisation in the GCC," Hareb said.

Helping hand

Hareb said these funds will fill a financing gap faced by technology start-ups in the Arab region. DIT will offer services to help start-ups and to support small and medium sized enterprises.

"The main objective of this initiative is to bridge the gap between those who generate technology and those who generate businesses and investments. Such linkages will consequently support further technology research and development," she said.

The planned funds will operate in line DIT projects, which will be focused on the requirements of the UAE and the wider region.

DIT will pay particular attention to research in areas such as life sciences, sustainable industrial development, information and communication technologies, sustainable management of environment, energy and water, the Economic Zones World chief said.

DIT has reached an agreement with Boston University to launch a research centre on clean energy and sustainable development. Another DIT initiative is the Renaissance Venture Fund, created by a group of Arab scientists.

Hareb said the scientists were "convinced by the appropriate model adopted by the DIT" and decided to establish their fund and relocate their companies in its premises.

DIT also has an agreement with Cosmo Caixa, the science museum of Barcelona for a joint project for the creation of a museum of science.

The institute's partner in the Science, Technology and Innovation initiative is Fraunhofer Middle East, which represents German contract research organisation Fraunhofer-Gesellschaft.

Planned initiatives of DIT include Dubai World Grant for Research Projects. It will support scientific research in areas covered by Dubai World's activities.

DIT expects to attract "world-class scientists and senior researchers" to Dubai through its research programmes.

Hareb said the institute will have its independent board of directors responsible for strategic decisions and for evaluating it activities. Eminent people from leading global companies and academic institutes will be on the board.

There will also be an advisory committee of external experts.