The Ministry of Industry and Advanced Technology (MoIAT) announced a partnership with the Emirates Development Bank (EDB) to provide an AED370 million financing solution for the new AI Innovation Programme.
The programme aims to foster collaboration between prominent industry players and technology developers to harness cutting-edge AI technologies to help solve the most pressing industrial challenges within the national industry.
The initiative aligns with the ministry’s efforts to boost innovation, accelerate the adoption of advanced technologies in industry and create new industries underpinned by cutting-edge technologies under the umbrella of the technology transformation program.
It also aligns with EDB’s development mandate focused on advancing economic growth and industrial innovation across its five priority sectors of manufacturing, advanced technology, food security, healthcare, and renewables.
The announcement on the partnership was made at the third edition of the Make it in the Emirates (MIITE) Forum, currently underway at the Abu Dhabi Energy Center.
The forum is organised by MoIAT in collaboration with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC.
The AI Innovation Programme 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.
By leveraging novel AI technologies, it addresses a broad range of challenges across industry, enhancing efficiency, productivity, and sustainability as well as facilitating access to finance which is critical to driving industrial transformation.
The AI Innovation Programme participants will gain access, at no cost, to a diverse network of technology developers.
Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, said as an early mover in the field of advanced technology and AI, the UAE is committed to pioneering policies, frameworks and programmes to pave the way for the integration of novel advanced technology and AI solutions in industry.
“The country has already crossed important milestones in this space and the AI Innovation Programme will help UAE industry to unlock a new wave of value in efficiency, productivity, and investment,” he said.
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