The Ministry of Industry and Advanced Technology (MoIAT) has announced a partnership with Emirates Development Bank (EDB) to provide a $100 million (Dh370 million) financing solution for the new AI innovation programme.
The announcement was made at the third edition of the Make it in the Emirates (MIITE) Forum in Abu Dhabi.
The programme 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 programme. 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 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 national industry. It 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.
