MoIAT partners with Emirates Development Bank to launch AED 370 million of financing for AI

Abu Dhabi, 27th May, 2024 (WAM) – The Ministry of Industry and Advanced Technology (MoIAT) has announced a partnership with Emirates Development Bank (EDB), the key financial engine of economic development an industrial advancement in the UAE, to provide a AED 370 million financing solution for the new AI Innovation Program.

The announcement took place during the third edition of the Make it in the Emirates (MIITE) Forum, taking place on 27-28 May at the Abu Dhabi Energy Center and organised by MoIAT in collaboration with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC.

The AI Innovation Program 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 program 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.

The program 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 Program participants will gain access, at no cost, to a diverse network of technology developers. The initiative enables knowledge sharing and removes financial barriers to expedite the development and implementation of customized and novel AI solutions, supporting the development of cutting-edge technologies and novel solutions to address the UAE’s most pressing industrial challenges, as well as positioning the country as a competitive player within the technology development space.

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 programs 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 Program will help UAE industry to unlock a new wave of value in efficiency, productivity, and investment. Through linking industry demand and technology supply, this program will help developers, startups and industrial partners foster stronger synergies, ensuring greater alignment among businesses and technology developers when it comes to introducing innovative solutions to industrial challenges.”

Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, stated: "The AI Innovation Program is poised to transform manufacturing and specialized industries, amplifying EDB’s economic impact. 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 across our five priority sectors."

Al Naqbi emphasized that this focus on advanced technologies aligns with the UAE’s industrial strategy and national objectives for sustainable development and a circular economy. He added: "EDB is committed to innovating financing solutions and enhancing access to capital for businesses in key sectors critical to the UAE's future. Manufacturing and advanced technology are two of our priorities, and this AI financing solution further specializes EDB's role, empowering businesses and innovators to not only shape but create the UAE's industrial future."