UAE Launches TradeTech Accelerator To Support Startups In Advancing Trade Sector

Minister of State for Foreign Trade Thani Al Zeyoudi officially launched a TradeTech Accelerator, an incubator aimed at helping startups create advanced technology solutions for the trade sector.

This Accelerator, launched during the WEF's Annual Meeting of the Global Future Councils, is a key part of the TradeTech Initiative, which the UAE launched in partnership with the World Economic Forum (WEF) and the Abu Dhabi Department of Economic Development (ADDED).

It will support businesses and projects that aim to modernize and improve logistics, customs procedures, trade finance, and cross-border payments.

The event brought together over 500 representatives from the public and private sectors, academia, and civil society from 80 countries to discuss building a more resilient, inclusive, and sustainable future.

He also announced that Plug & Play, a well-known innovation platform with experience in supporting startups, will be the official partner of the Accelerator. It will provide mentorship, collaboration opportunities, and guidance to the participating companies.

During his speech, Al Zeyoudi invited applications to the Accelerator, which is now open to companies developing solutions using artificial intelligence (AI), the focus for the second year of the TradeTech Initiative. The first group of startups is expected to graduate from the Accelerator in March 2025.

"The TradeTech Initiative underlines the UAE's leadership on global trade issues. By driving innovation and promoting the integration of advanced technologies, including AI, into supply chains, we can envision a more efficient, more robust and more accessible global trading system," Al Zeyoudi was quoted as saying by WAM.

"The TradeTech Accelerator is an essential part of these efforts, supporting the development of the ideas and enterprises that will enhance processes right the way along the value chain, from securing trade finance to customs clearance documentation," he added.

The Accelerator will not only offer support and guidance to develop the best TradeTech solutions but will also connect startups with key players in the logistics and trade sectors to ensure their solutions are viable and scalable.

Ahmed Jasim Al Zaabi, Chairman of ADDED, highlighted that the program promotes innovation, supports startups, and develops advanced technologies to improve efficiencies in the trade ecosystem.

He pointed to Hub71, Abu Dhabi's global tech ecosystem, and the Advanced Trade & Logistics Platform (ATLP), a single-window platform for trade, as evidence of their commitment to merging trade and technology while supporting startups and technological innovations.