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EDB inks $100mln financing deal for AI innovation programme

The UAE Ministry of Industry and Advanced Technology (MoIAT) has announced a key partnership with Emirates Development Bank (EDB) that will see the bank provide a $100 million financing solution for the new artificial intelligence (AI) innovation programme.

The announcement was made during the third edition of the Make it in the Emirates (MIITE) Forum which opened today (May 27) at the Abu Dhabi Energy Center and organized 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 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 will also focus on creating 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.

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," stated the minister.

The AI Innovation Program participants will gain access, at no cost, to a diverse network of technology developers, she noted.

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, she added.

Emirates Development Bank CEO Ahmed Mohamed Al Naqbi said: "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," he added.-TradeArabia News Service