Speaking at the inaugural Plug and Play Middle East Summit, Dr. Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade, told the audience about the significant impact of advanced technologies, especially artificial intelligence (AI), in revolutionizing global trade. He also emphasized the importance of embracing innovation to foster a new era of smarter and more efficient trading practices. The event gathered industry leaders, government representatives, and investors to discuss innovations that are shaping the future economy.

Dr. Al Zeyoudi pointed out the necessity for the international trading community to leverage the potential of startups and unlock the value hindered by outdated systems and human-centric processes. He remarked that the UAE is committed to leading this transformation, stating, “The UAE recognises that trade is undergoing a complete transformation, driven by new technologies, automation, and digital innovation. It is vital we empower entrepreneurs and startups to develop cutting-edge solutions that enable smarter, faster, and more inclusive global trade.”

He elaborated on the TradeTech Initiative, which was launched in collaboration with the World Economic Forum. This initiative aims to accelerate the development of new solutions and includes the establishment of the TradeTech Accelerator and a Regulatory Sandbox. Dr. Al Zeyoudi noted that these efforts could unlock new commercial opportunities worldwide, thereby enhancing the UAE’s role in global trade.

The TradeTech Accelerator, developed alongside Plug and Play, has already started to deliver results. From an extensive selection of 1,500 top-tier startups across the globe, 14 high-potential ventures have been identified that focus on AI-driven logistics, blockchain trade finance, and digital supply-chain optimization. Dr. Al Zeyoudi stated that these startups’ agility and creativity would not only improve supply chains but also reinforce the strength of the UAE’s innovation ecosystem.

The summit featured various fireside chats and panel discussions, bringing together prominent figures from technology, investment, and trade. These discussions explored the evolving role of AI in entrepreneurship, covering diverse topics such as fintech trends, blockchain, and the transformative effects of AI on industries and human capabilities.