The Department of Economic Development - Abu Dhabi and Algorythma, the UAE based first-rate end-to-end technology service company, have signed a Memorandum of Understanding focusing on cooperation over AI and blockchain technologies.
The MoU was signed by His Excellency Khalifa Bin Salem Al Mansouri, Undersecretary 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 aims at the launch of 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 aim of supporting investment in technologies and innovation solutions.
Under the terms of the MoU, the "Centre of Blockchain Excellence" (CoBE) will provide services to both government and private entities to run PoCs and R&D programs for their blockchain based business cases as well as provide leadership, best practices, research, support and training.
The MoU between the two parties includes launch of joint events and initiatives through the "Centre of Blockchain Excellence" (CoBE) as well as working with experts and academia in the field from the government sector as well as investment partners to assess and invest in the most important technology developments and address risks and challenges in the implementation and use of this advanced technology.
The MoU also marks collaboration in innovation projects through a Blockchain Implementation Program, that includes development of viable projects and ongoing maintenance and operations as well as development and support to start-ups and entrepreneurs.
Further areas of collaboration outlined in the MoU comprise implementation of various digital initiatives and strategies as well as enabling use cases of AI capabilities such as Computer Vision, Natural Language Processing, and Machine Learning.
Dr. Saleh Al Hashemi, Chief Executive Officer at Algorythma, said: "As a technology and innovation company, we are keen to achieving the objectives of this strategic MoU with the Department of economic Development as well as other local and federal government entities by adding value to the technology and artificial intelligence sectors in the UAE.”