The Bahrain Ministry of Industry and Commerce and Dubai Future Foundation have signed a memorandum of understanding (MoU).
The MoU was signed between Mr. Abdullatif bin Rashid Al Zayani, Minister of Foreign Affairs, and Mr. Khalfan Belhoul, CEO of Dubai Future Foundation, on the sidelines of the 11th session of the Ministerial Meeting of the Joint Higher Committee between Bahrain and the UAE.
H.E. Abdullah bin Adel Fakhro, Minister of Industry and Commerce said that the MoU aims to enhance cooperation in the Fourth Industrial Revolution (4IR) disciplines and industrial innovation in line with the industrial strategy (2022-2026), which is implemented by the ministry to build partnerships with regional and global organisations during the economic recovery plan.
H.E. Fakhro also highlighted that collaborating with a future-focused institution would enable the dissemination of a culture of research, development, and industrial innovation, which would result in value-added products as part of the industrial sector strategy for comprehensive economic development (2022-2026).
Mr. Belhoul said the partnership will enhance cooperation with Bahrain’s Ministry of Industry and Commerce by integrating technology and developing flexible legislation.
Mr. Belhoul noted that the partnership will mainly focus on providing and allocating investment to entrepreneurs and innovators and research and development activities in numerous scientific and technological sectors, as well as identifying the most pressing priorities and challenges and finding innovative solutions during the next phase.
Bahrain has launched the industrial sector strategy (2022-2026) within the economic recovery plan, which aims at supporting industrial transformation towards the Fourth Industrial Revolution, encouraging investment in technological infrastructure, promoting supply chains and industrial integration, along with applying concepts of circular carbon economies and environmental and social governance.
