DED, Algorythma sign MoU for blockchain and AI applications

The Department of Economic Development - Abu Dhabi and Algorythma, the UAE-based first-rate end-to-end technology service company, on Tuesday signed a memorandum of understanding, MoU, with the aim of promoting joint cooperation between the two parties as well as implementing projects, initiatives and strategies related to digital transformation.

The MoU was signed by Khalifa Bin Salem Al Mansouri, Under-Secretary of the Department of Economic Development – Abu Dhabi, and Dr. Saleh Al Hashemi, Chief Executive Officer at Algorythma, in the presence of a number of officials from both parties in Masdar City.

The MoU seeks to launch a Centre of Blockchain Excellence, CoBE, at Krypto Labs, Masdar City, for enabling best practices and latest technologies in line with the Abu Dhabi government’s goal of supporting investment in technologies and innovative solutions and blockchain, enhancing its global leadership position in the digital transformation indicators.

Under the terms of the MoU, the CoBE will provide services to both government and private entities to run PoCs and R&D programmes for their blockchain-based business cases as well as provide leadership, best practices, research, support and training.

Under the terms of the agreement, the two parties are working to strengthen the blockchain service platform on a national level in the UAE through relevant government agencies to build and deliver solutions based on this technology, enabling digital strategies and AI capabilities through brainstorming, recommendations and implementation of various digital initiatives and strategies. Further areas of collaboration outlined in the MoU comprise enabling use cases of AI capabilities such as computer vision, natural language processing, machine learning, etc.

Khalifa Bin Salem Al Mansouri, Under-Secretary of the DED, reaffirmed the Abu Dhabi government’s determination to accelerate the pace of Abu Dhabi’s economic development through a transformation of the next generation of services and projects based on digital technology, development of infrastructure, governance of operations, innovation and future foresight to establish a science and technology-based economy.

He pointed out that the MoU with Algorythma is concluded within the framework of the DED’s keenness to strengthen partnership with the private sector, enhancing efforts to achieve sustainable economic development by providing and developing technological infrastructure to strengthen Abu Dhabi’s global competitive position in various indicators, including the ability to adapt to global changes in various vital areas.

He added that the DED and the government are currently focussing on transforming Abu Dhabi into the ideal destination for investment and making it a major centre for entrepreneurship in the region, in line with the integrated innovation system established by Abu Dhabi government within Abu Dhabi Economic Vision 2030.

Dr. Saleh Al Hashemi, Chief Executive Officer at Algorythma, welcomed this landmark MoU with the DED to leverage from its broad experience as a well-established government institution.

He added that Algorythma is determined to provide its expertise as well as technical and human resources to support the efforts of the government of Abu Dhabi in the development of the infrastructure of innovation and technology and the future of AI in the emirate, stressing Algorythma’s keenness to become a major contributor to the transition in the UAE to a technology, science and knowledge-based economy.

"As a technology and innovation company, we are keen to achieving the objectives of this strategic MoU with the DED as well as other local and federal government entities by adding value to the technology and AI sectors in the UAE," he added.