UAE to become a global leader in innovation and entrepreneurship

The Ministry of Economy (MoE) has announced that Continuous Ventures, an Ireland-based venture capital firm and accelerator that specialises in supporting high-potential startups in the tech space, has become a strategic partner to its NextGen FDI initiative, which seeks to attract pioneering global companies to the UAE.

Continuous Ventures will support the initiative's mission in three core ways: to use its knowledge to assess potential programme entrants, offer go-to-market strategies for recently onboarded companies, and introduce their startups to the initiative.

Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, said the partnership underscores the UAE's commitment to becoming a global leader in innovation and entrepreneurship.

"This collaboration with Continuous Ventures will play an important role in our efforts to make the UAE the destination of choice for pioneering enterprises at every stage of their growth journey. As we accelerate our economic diversification efforts, our ability to nurture new ideas, new capabilities and new ventures, particularly in high-potential sectors such as med-tech, renewable energy, advanced manufacturing, agri-tech and trade tech, will support our ambition to develop an economy-based on knowledge and innovation," he added.

Dr. Al Zeyoudi stated that the experience of Continuous Ventures will help NextGen FDI companies leverage the opportunities in the local and regional market but introduce new enterprises to its network.

Colin Meagle, Founding Partner of Continuous Ventures, said, "The UAE is an ideal base for our headquarters due to its forward-looking approach to technology and innovation. Through our partnership with NextGen FDI, we can help homegrown startups compete on a global stage, transforming local ideas into world-changing companies. This collaboration marks an exciting new chapter for us, and we're honoured to contribute to the UAE's journey towards becoming a world leader in tech innovation."

Founded in 2018 in Dublin but now seeking to expand from its new global headquarters in Dubai, Continuous Ventures offers a hands-on support model to early-stage companies, providing them with tools, resources, industry knowledge and mentorship.

The firm, which has a strong focus on ESG investing, also provides operational guidance in areas such as market research, product development and financial hygiene, deploying a "teach-a-founder" approach. This dovetails with the NextGen FDI initiative's role in accelerating the development of a supportive ecosystem for high-growth, high-potential companies.

Continuous Ventures will initially support high-potential UAE-based startups within its Dubai and Abu Dhabi offices, with plans to expand into a larger campus-style facility in DIFC as the programme scales with client and investment partners.

The firm's mission goes beyond funding; it aims to build a culture of excellence by fostering a collaborative environment where entrepreneurs can interact with industry veterans, refine their ideas, and work towards their next milestone. They will further support the UAE's startup ecosystem by introducing their A, B and C investment partners to the region.

Meanwhile earlier Abdulla Bin Touq Al Marri, Minister of Economy, held a meeting with Widiyanti Putri Wardhana, Indonesian Minister of Tourism, at the Ministry of Economy office to explore means to enhance tourism cooperation between the two countries.

The meeting also focused on encouraging joint efforts to increase mutual tourism flows.
During the meeting, the Minister of Economy emphasised the historical ties and strategic partnership between the UAE and Indonesia across all fields. The economic collaboration between the two nations continues to thrive, covering a range of vital sectors and initiatives, thanks to the shared commitment of both leaderships to advancing them.

Bin Touq said, “The tourism sector is considered one of the key sectors that foster economic relations between the two friendly countries. In recent years, there has been remarkable progress in bilateral cooperation in this vital sector, with a total of over 174 flights connecting the two countries per month, operated by the UAE’s national carriers.”

He elaborated on the UAE’s efforts in developing the sector, highlighting the key role of the ‘UAE Tourism Strategy 2031’ in supporting its sustainability and competitiveness. The strategy has set a number of goals, including the strengthening of the UAE’s position as one of the best global tourism destinations and raising the sector’s contribution to the national GDP to Dhs450 billion. Besides, it aims to attract additional investments worth Dhs100 billion to the UAE’s tourism sector and attract 40 million hotel guests to the country - all in line with the ‘We the UAE 2031’ vision.

Furthermore, the meeting explored the potential for creating new opportunities in tourism, aviation, and travel for the UAE and Indonesian private sector. It highlighted the significance of fostering cooperation in Meetings, Incentives, Conferences, and Exhibitions (MICE) tourism and enhancing dialogue between tourism companies in both countries. The ministers agreed on the importance of implementing new training and recreational initiatives to stimulate increased tourism flows between the two sides.

Also discussed was the importance of strengthening collaborative efforts to launch joint marketing campaigns in the upcoming period, with the aim of promoting prominent tourist attractions and destinations in both countries to increase the volume of mutual tourism flows.

At the end of the meeting, Bin Touq extended an invitation to the Indonesian minister to attend the fourth edition of Investopia, set to take place in February 2025. The event will serve as an ideal platform to explore the UAE’s abundant investment prospects for international investors and expand partnerships across multiple economic sectors.