UAE Unveils AED 370 Million Financing For AI Innovation In Partnership With MoIAT And EDB

The Ministry of Industry and Advanced Technology (MoIAT) has announced a partnership with Emirates Development Bank (EDB) to provide AED 370 million in financing for the new AI Innovation Program. This announcement was made during the third edition of the Make it in the Emirates (MIITE) Forum, held on 27-28 May at the Abu Dhabi Energy Center.

Organised by MoIAT in collaboration with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC, the AI Innovation Program aims to boost innovation and accelerate the adoption of advanced technologies in industry. It aligns with EDB’s mandate to advance economic growth and industrial innovation across its five priority sectors: manufacturing, advanced technology, food security, healthcare, and renewables.

The AI Innovation Program seeks to foster collaboration between industry players and technology developers to harness AI technologies for solving industrial challenges. It aims to create opportunities for local and global technology developers and startups by providing a platform to showcase their expertise.

By leveraging novel AI technologies, the program addresses a broad range of challenges across industries, enhancing efficiency, productivity, and sustainability. It also facilitates access to finance, which is critical for driving industrial transformation.

Participants in the AI Innovation Program will gain access to a diverse network of technology developers at no cost. This initiative enables knowledge sharing and removes financial barriers to expedite the development and implementation of customised AI solutions.

The program supports the development of advanced technologies and novel solutions to address the UAE’s most pressing industrial challenges. It positions the country as a competitive player within the technology development space.

Statements from Key Figures

Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, commented: "As an early mover in advanced technology and AI, the UAE is committed to pioneering policies, frameworks, and programs for integrating novel solutions in industry. The AI Innovation Program will help UAE industry unlock new value in efficiency, productivity, and investment."

Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, stated: "The AI Innovation Program is poised to transform manufacturing and specialised 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."

Strategic Alignment

Al Naqbi emphasised that this focus on advanced technologies aligns with the UAE’s industrial strategy and national objectives for sustainable development. 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."

The program underscores EDB's role in empowering businesses and innovators to shape the UAE's industrial future. Manufacturing and advanced technology are two of EDB's priorities, further specialised by this AI financing solution.

With inputs from WAM