5 November 2024, Tue |
4:43 PM
The Ministry of Industry and Advanced Technology (MoIAT) has partnered with Emirates Development Bank (EDB) to unveil an AED 370 million financing program for the AI Innovation Program. This announcement was made during the third edition of the Make it in the Emirates (MIITE) Forum, held on May 27-28 at the Abu Dhabi Energy Center. The forum was organized by MoIAT in collaboration with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC.
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. She stated, “The AI Innovation Program will help UAE industry unlock new value in efficiency, productivity, and investment. By linking industry demand and technology supply, this program will foster stronger synergies and ensure greater alignment among businesses and technology developers.”
Driving Innovation and Industrial Advancement
The AI Innovation Program is a cornerstone of MoIAT’s strategy to promote innovation and accelerate the adoption of advanced technologies in industry. This initiative aims to create new industries powered by cutting-edge technologies and aligns with EDB’s mandate to advance economic growth and industrial innovation across five priority sectors: manufacturing, advanced technology, food security, healthcare, and renewables.
Fostering Collaboration and Technology Development
By fostering collaboration between industry leaders and technology developers, the AI Innovation Program seeks to leverage advanced AI technologies to address critical industrial challenges in the UAE. The program provides opportunities for local and global tech developers and startups to showcase their expertise and contribute to solving industrial challenges, thereby enhancing efficiency, productivity, and sustainability.
Access to Resources and Financial Support
Participants in the AI Innovation Program will benefit from access to a diverse network of technology developers and a platform for knowledge sharing, removing financial barriers to the development and implementation of AI solutions. This initiative supports the creation of innovative technologies and solutions to address the UAE’s industrial challenges, positioning the country as a competitive player in the global technology development arena.
Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, emphasized the transformative potential of the AI Innovation Program for manufacturing and specialized industries. He remarked, “This strategic program and our $100 million AI financing solution are significant milestones in building a future-ready, globally competitive industrial sector for the UAE. By harnessing AI’s power and fostering collaboration, we unlock new opportunities for growth, innovation, and sustainable development.”
Aligning with National Objectives
The focus on advanced technologies within this program aligns with the UAE’s industrial strategy and national goals for sustainable development and a circular economy. Al Naqbi added, “EDB is committed to innovating financing solutions and enhancing access to capital for businesses in key sectors critical to the UAE’s future. This AI financing solution further empowers businesses and innovators to shape the UAE’s industrial future.”
The AI Innovation Program represents a significant step towards integrating AI into the UAE’s industrial sector, driving forward the nation’s economic development and industrial advancement.
