Abu Dhabi Investment Office gathered forces with Enterprise Singapore (ESG), a government agency championing enterprise development, and its subsidiary IPI Singapore to speed up smart city development in the emirate.
Under the agreement, Singaporean companies will provide solutions to address challenges outlined by the Abu Dhabi-based entities.
Eligible companies will also obtain funding from ESG to develop smart city solutions.
This will increase “collaboration, connect innovation ecosystems and promote the exchange of knowledge and expertise between both sides”, Adio and ESG said in a joint statement on Thursday.
Abu Dhabi is focused on diversifying its economy, and using advanced technology to develop its non-oil sector, reduce reliance on hydrocarbons, attract foreign investment, draw high-skilled employees and create jobs.
“Abu Dhabi is committed to continuing the already strong economic cooperation with Singapore and to advancing innovation for long-term, sustainable growth,” Dr Tariq Bin Hendi, Adio’s director general, said.
“We look forward to uncovering viable solutions that are not only locally relevant but also exportable worldwide. This will contribute to the development of knowledge economies as well as smart cities in our regions and beyond,” he added.
Singapore was ranked first globally on the Institute for Management Development’s Smart City Index 2020. Abu Dhabi and Dubai led the Middle East region – outpacing advanced urban hubs such as Tokyo and Beijing – in the use of technology to improve the quality of life for residents.
Abu Dhabi was ranked 42nd, just ahead of Dubai in 43rd place, according to the Swiss academic institute.