Ministry of Industry and Advanced Technology partners with Emirates Development Bank
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Sultan Al Jaber, Minister of Industry and Advanced Technology, Salah Al Amiri and other government officials attended the launch. — Courtesy photo
The Ministry of Industry and Advanced Technology (MoIAT) announced a partnership with the Emirates Development Bank (EDB) to provide a $100 million (370 million dirhams) financing solution for a new AI innovation program.
The announcement was made at the third Make it in the Emirates (MIITE) Forum in Abu Dhabi.
The program is in line with the Ministry's efforts to foster innovation, accelerate the adoption of advanced technologies in the industry and create new industries supported by cutting-edge technologies as part of its Technology Transformation Programme. It also aligns with the EDB's development mandate, which focuses on promoting economic growth and industrial innovation in five priority sectors: manufacturing, advanced technologies, food security, healthcare and renewable energy.
The program aims to foster collaboration between prominent industry players and technology developers to leverage cutting-edge AI technologies to help solve some of the most pressing industrial challenges in domestic industries. It aims to create opportunities for local and global technology developers and startups by providing a platform to showcase their expertise and contribute to solving industrial challenges. Leveraging new AI technologies will address a wide range of challenges across industries, increasing efficiency, productivity and sustainability, while facilitating access to capital that is essential to driving industrial transformation.
Program participants will gain free access to a diverse network of technology developers. The initiative will enable knowledge sharing and remove financial barriers to expedite the development and implementation of new customized AI solutions, supporting the development of cutting-edge technologies and new solutions to address the UAE's most pressing industrial challenges, and positioning the country as a competitive player in the technology development space.
Enabling Technology Transformation
Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, said: “As a pioneer in the field of advanced technology and AI, the UAE is committed to pioneering policies, frameworks and programs, paving the way for the integration of novel advanced technology and AI solutions in industry. The country has already achieved significant milestones in this field, and the AI Innovation Programme will help UAE industry unlock a new wave of value in efficiency, productivity and investment. By connecting industry demand and technology supply, the programme will help developers, startups and industrial partners create stronger synergies, and strengthen collaboration between companies and technology developers in deploying innovative solutions to industrial challenges.”
Ahmed Mohammed Al Naqbi, CEO of Emirates Development Bank, said: “The AI Innovation Programme is poised to transform manufacturing and specialised industries and increase EDB's economic impact. This strategic programme and $100 million AI funding solution marks a key milestone in building a future-proof, globally competitive industrial sector for the UAE. By harnessing the power of AI and fostering collaboration, we will unlock new opportunities for growth, innovation and sustainable development across five priority sectors.”
Al Naqbi stressed that this focus on advanced technologies is aligned with the UAE's industrial strategy and national goals towards sustainable development and a circular economy. He added: “EDB is committed to innovating financing solutions and enhancing access to capital for companies in key sectors that are crucial to the UAE's future. Manufacturing and advanced technology are two of our priorities, and this AI financing solution will further professionalize EDB's role to help companies and innovators not only shape but create the future of industry in the UAE.”
