Arab Science and Technology Foundation (ASTF), a UAE based, independent, non-governmental and non-profit organisation established to promote the development of science, technology and entrepreneurship in the Arab world, is gearing up for the “Fourth International Forum on Investing in Technology” that is expected to form a key networking platform for over 100 leading technology investors in the MENA region. The forum will be held in Kuwait City from April 10th – 11th 2006 under the patronage of His Highness Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah, the Crown Prince of Kuwait.
The fourth edition of the forum, titled “Developing an Arab Venture Capital Industry” will offer presentations on 20 viable start-up ideas that broach innovative ideas grounded in sound business planning. In addition, the forum will also see the culmination of the ASTF “Arab Technology Business Plan Competition” with the announcement of the selected finalists. The winning business plan will be eligible for a minimum US$ 50,000 investment to enable implementation. The competition is a first of its kind pan-Arab initiative that seeks to establish grass-roots technological innovation in a bid to boost the region’s competitiveness by fostering a knowledge-driven economy.
ASTF’s short-listed business plans include innovative mobile applications that empower subscribers with relevant information based on their location of access, enabling technologies in the field of human computer-interaction and ubiquitous computing, a bid to produce silicon-based anti-foaming, lubricants, polymers, etc from cheap silicon raw material available in Iraq, low-cost three-dimensional (3D) range cameras targeting automatic guided vehicles (AGV) and ground vehicles markets, and a UAE-conceptualized mobility platform that will aid in creating, deploying, controlling, and managing next-generation mobile applications.
The forum seeks to facilitate networking between technology leaders, corporations, investors, venture capital funds, and other financial institutions to stimulate further investment in new technologies in the region, and will host discussion panels highlighting the importance of technological investment in promoting economic expansion.
Commenting on the technology investment forum, Dr. Abdalla Abdulaziz Alnajjar, President, ASTF, said, “Technology entrepreneurship is a key driver of regional diversification. Sustainable economic development and robust infrastructure requires the judicious channelling of regional liquidity towards long-term investments in technological initiatives. We expect the forum to play a key role in facilitating investment in the fields of information technology, communication, transportation, biotechnology, medical instrumentation, engineering, and oil and gas services, thereby setting the stage for viable long-term regional growth.”
The “Developing an Arab Venture Capital Industry” forum will kick off with a first-day workshop on the need for due diligence in evaluating technology investments, headed by Mathew Pedley, General Partner of Minah Ventures, and aimed at inventors, venture capitalists, corporate venturing officers and entrepreneurs.
The forum is co-sponsored by the National Technology Enterprises Company (NTEC), Abdul Latif Jameel Co Ltd (ALJ), and the Islamic Development Bank (IDB).
ASTF was formed in 2000 as an initiative by 400 Arab scientists and the support of the Ruler of Sharjah, H.H. Sheikh Sultan Al Qassimi. ASTF's mission is to promote science and technology in the Arab world, and today it boasts a network of more than 3000 scientists residing in Middle East, Europe and USA, and working in a wide spectrum of disciplines. As a result of its dedicated efforts, ASTF has been acknowledged as an international and regional development organization -- like UNESCO, UNDP, TWAS, KFAS, KACST, and others -- as a driving force in bridging the technology gap in the region.
ASTF programs include, among other things, a wide array of activities to encourage more investments in technology. It supports technology startups through strategic, financial, and marketing advice and by seeking for them financial and strategic partners. It also organizes the "Investing in Technology Forum", which is held twice a year in different cities around the Arab world. ASTF also supports various initiatives to set up venture capital funds focused on the Arab world, and assists large Arab corporations to expand their technological capabilities.
Over the past few years, ASTF has had several successes in providing funding for projects in IT, communication, water desalination, engineering, and pharmaceuticals. It has always outlined to investors the high returns realized from technology investments, which may exceed 50% per year. It minimizes the investor's risk by conducting extensive technical and financial feasibility for the projects it sponsors, and supports investors in overcoming financial, managerial, and technical problems through its international network of members.
