The collaboration between the Ministry of Industry and Advanced Technology (MoIAT) and Emirates Development Bank (EDB) marks a significant milestone in advancing technological innovation and economic growth in the UAE. With a $100 million financing solution dedicated to the AI innovation program, this partnership aims to address crucial industrial challenges and propel the country towards a future driven by cutting-edge technologies.
Announced at the MIITE Forum in Abu Dhabi, the program is in line with MoIAT’s objectives to foster innovation and accelerate the adoption of advanced technologies across various industries. It also resonates with EDB’s mission to promote economic growth and industrial innovation, particularly in priority sectors such as manufacturing, advanced technology, food security, healthcare, and renewables.
The AI innovation program seeks to facilitate collaboration between industry leaders and technology developers to leverage AI technologies in tackling pressing industrial challenges. By providing a platform for local and global startups to showcase their expertise, the program aims to enhance efficiency, productivity, and sustainability across industries while also addressing the critical need for access to finance.
Participants in the program will benefit from access to a diverse network of technology developers, fostering knowledge sharing and accelerating the development and implementation of customized AI solutions. This initiative not only positions the UAE as a competitive player in the technology development space but also underscores its commitment to driving industrial transformation.
Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, emphasized the UAE’s dedication to pioneering policies and programs that integrate advanced technology solutions into industry. She highlighted the potential of the AI Innovation Program to unlock new value in efficiency, productivity, and investment, fostering stronger synergies between businesses and technology developers.
Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, echoed the sentiment, emphasizing the transformative impact of the AI innovation program on manufacturing and specialized industries. He underscored EDB’s commitment to innovating financing solutions and empowering businesses and innovators to shape the UAE’s industrial future.
Overall, this partnership underscores the UAE’s strategic focus on advanced technologies, sustainable development, and economic diversification, positioning the country as a leader in industrial innovation on the global stage.
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