UAE – Mubasher: The UAE Ministry of Economy has inked a memorandum of understanding (MoU) with Arizona State University (ASU) to develop the fields of innovation, entrepreneurship, and technology transfer.

The MoU was signed by UAE Minister of Economy, Sultan bin Saeed Al Mansoori, and the president of the university, Michael M. Crow, according to a press release on Monday.

The agreement aims to promote diversification and competitiveness of the national economy by supporting small and medium-sized enterprises and strengthen the country’s position as a global hub for innovation.

Commenting on the MoU, the UAE Ministry of Economy referred that it will empower the business leaders and owners of SMEs, inventors, and young entrepreneurs in the UAE to benefit from the university’s experiences in the fields related to innovation and inventions.

Under the MoU, the concerned parties will also be able to establish joint projects in the areas of cooperation agreed upon in the UAE and the US, including technology, education, health care, sustainability, innovation, renewable energy, and space exploration.