November 15, 2023 – Dubai, U.A.E.

Mr. Al-Olama shared insights into the recently announced Smart and Autonomous Vehicles Industry (SAVI) Cluster, a new free zone and clean-tech hub headquartered in Masdar City, Abu Dhabi. The SAVI Cluster is expected to contribute between $24 billion and $37 billion to the U.A.E.’s economy and generate up to 50,000 jobs. For more information about the SAVI Cluster, please see here. He emphasized that this cluster will include autonomous vehicles in the land, air, and sea domains, and will utilize facilities around and within Abu Dhabi to accomplish testing and development of new technologies. 

Mr. Al-Olama also previewed the next such clusters that Abu Dhabi will create in the near future, starting with a sector focused on technology and AI.  The formal launch of this second cluster is expected in Q1 of 2024.  Other clusters focused on other verticals are expected to follow soon after. He praised partnerships with U.S. companies and said that they were key to Abu Dhabi’s success in these endeavors.

Mr. Al-Olama discussed what he hopes to achieve in his new roles with ADIO and ADDED, specifically highlighting the initiatives that these entities are putting forth to attract new technology and innovation in Abu Dhabi. Their mandate, he noted, is to promote Abu Dhabi as a global leader in advanced technology and manufacturing – one with a focus on the U.A.E.’s broader goal of enhancing environmental sustainability. He offered competitive tariffs, funding for startups, advisory for listing in  the Abu Dhabi stock market, regional export finance and insurance, and loans below commercial rates as a few examples of incentives being considered within the new program.

He shared opportunities for entrepreneurs and innovators to bring their business ideas to fruition in the U.A.E.’s supportive ecosystem, especially through Hub71, a unique startup community located in Abu Dhabi Global Market (ADGM). With COP 28 nearing, Mr. Al-Olama pointed to a range of programs and initiatives being pioneered by U.A.E. entities to advance sustainability locally and around the world. 

He highlighted the close cooperation between Dubai and Abu Dhabi to unlock synergies and new opportunities for U.S. startups and innovative companies. He emphasized that all of the Emirates are working together closely to create one big “sandbox” for innovation in the U.A.E.

For more information about this event, please contact Alyssa Kristeller at akristeller@usuaebusiness.org.