Thani Al Zeyoudi Launches TradeTech Accelerator in Dubai
Thani Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, has introduced the TradeTech Accelerator, a new incubator aimed at supporting startups in the trade sector. This initiative is part of the UAE’s collaboration with the World Economic Forum (WEF) and the Abu Dhabi Department of Economic Development (ADDED). The Accelerator will help modernize logistics, customs, trade finance, and cross-border payments.
The launch took place during the WEF’s Annual Meeting of the Global Future Councils 2024 in Dubai, attended by over 500 representatives from 80 countries. Plug & Play, a global innovation platform, will partner with the Accelerator to provide mentorship and collaboration opportunities.
Al Zeyoudi emphasized the UAE’s leadership in global trade and the importance of integrating advanced technologies like AI into supply chains. The Accelerator aims to support startups in developing scalable TradeTech solutions. Applications are now open, with the first cohort expected to graduate in March 2025.
Ahmed Jasim Al Zaabi, Chairman of ADDED, highlighted the program’s alignment with the UAE’s strategic objectives to enhance trade efficiencies. The initiative is supported by Hub71 and the Advanced Trade & Logistics Platform (ATLP).
Tim Stekkinger from the WEF and Saeed Amidi from Plug & Play expressed their excitement about the program’s potential to drive innovation in global trade.
Doubts Revealed
Thani Al Zeyoudi -: Thani Al Zeyoudi is a government official in the United Arab Emirates (UAE). He is the Minister of State for Foreign Trade, which means he helps manage the country’s trade with other nations.
TradeTech Accelerator -: The TradeTech Accelerator is a program designed to help new companies, called startups, in the trade sector. It provides support and resources to help these companies grow and improve trade processes using technology.
Dubai -: Dubai is a city in the United Arab Emirates, known for its modern architecture and as a major business hub in the Middle East.
World Economic Forum -: The World Economic Forum is an international organization that brings together leaders from different countries to discuss and solve global issues. They work on projects to improve the world economy.
Abu Dhabi’s Department of Economic Development -: This is a government department in Abu Dhabi, another city in the UAE. It focuses on improving the economy and supporting businesses in the region.
Plug & Play -: Plug & Play is a company that helps startups grow by providing them with resources, mentorship, and connections to other businesses. They partner with programs like the TradeTech Accelerator to support innovation.
AI solutions -: AI solutions refer to using artificial intelligence, which is a type of technology that allows computers to think and learn like humans, to solve problems and improve processes.
Cohort -: A cohort is a group of people who are part of a program or study at the same time. In this context, it refers to the group of startups participating in the TradeTech Accelerator program.
