The Ministry of Industry and Advanced Technology (MoIAT) and Emirates Development Bank (EDB) have partnered to provide a $100 million financing solution for the new AI innovation programme. The announcement was made at the Make it in the Emirates (MIITE) Forum in Abu Dhabi. The programme aims to boost innovation, accelerate the adoption of advanced technologies in industry, and create new industries supported by cutting-edge technologies. It also aligns with EDB’s focus on advancing economic growth and industrial innovation in sectors such as manufacturing, advanced technology, food security, healthcare, and renewables.
The AI innovation programme seeks to foster collaboration between industry players and technology developers to address pressing industrial challenges in the national industry. It aims to provide opportunities for technology developers and startups to showcase their expertise and contribute to solving these challenges using AI technologies. By leveraging AI, the programme enhances efficiency, productivity, sustainability, and access to finance, vital for driving industrial transformation. Participants will have access to a network of technology developers, enabling knowledge sharing and the development of customised AI solutions to tackle the UAE’s industrial challenges.
Sarah Al Amiri, minister of state for public education and advanced technology, highlighted the UAE’s commitment to integrating Advanced Technology and AI solutions in industry to enhance efficiency, productivity, and investment. The AI Innovation Program aims to help industry players foster stronger synergies between businesses and technology developers, leading to innovative solutions for industrial challenges. Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, emphasized how the programme and the $100 million AI financing solution will transform manufacturing and specialized industries, contributing to the UAE’s economic growth and competitiveness globally. The focus on advanced technologies aligns with the UAE’s industrial strategy and national objectives for sustainable development.
The AI innovation programme and financing solution provided by EDB are significant milestones in building a future-ready, globally competitive industrial sector in the UAE. By harnessing AI’s power and promoting collaboration, new opportunities for growth, innovation, and sustainable development are unlocked across priority sectors. EDB is committed to enhancing access to capital for businesses in key sectors critical to the UAE’s future, such as manufacturing and advanced technology. The AI financing solution further solidifies EDB’s role in empowering businesses and innovators to shape and create the UAE’s industrial future, in alignment with national objectives for sustainable development and a circular economy.
