Mubadala says funding will be used to accelerate tech development over next five years
Abu Dhabi fund Mubadala on Tuesday announced plans for its Aerospace, Renewables & ICT platform to invest a further AED82.5 million ($22.4 million) in research and development (R&D) over the next five years.
The funding will be used to accelerate several innovative technology development projects that focus on differentiating concepts from the Fourth Industrial Revolution, including 3D printing, digital manufacturing and advanced materials, the company said in a statement.
The program will build on the success of an existing R&D program launched in September 2015, in collaboration with local universities, and will support the growth strategies of Strata Manufacturing and Turbine Services & Solutions, two of Mubadala’s aerospace/industrial businesses.
“R&D is critical to Abu Dhabi realizing its vision for a diversified, knowledge-based economy,” said Khaled Abdulla Al Qubaisi, CEO of Mubadala’s Aerospace, Renewables and ICT (AR&I) platform.
“This investment will allow us to explore new applications for innovative technologies that have the potential to catalyze the growth and competitiveness of our manufacturing and services offerings – and ultimately, help to advance the emirate’s industrial ecosystem.”
Mubadala said it is exploring areas of synergy across its businesses and encouraging R&D collaboration that can leverage multiple sectors, including aerospace, ICT and renewables.
Badr Al-Olama, director of Aerospace, Mubadala, added: “Over the past five years, we have demonstrated success stories with robotics and 3D printing. This new phase of development over the next five years will seed disruptive techniques and technologies across our existing and upcoming businesses, supporting the UAE's vision of becoming the global centre for fourth industrial revolution technologies.”For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.