The Ministry of Industry and Advanced Technology (MoIAT) has partnered with Emirates Development Bank (EDB) to provide a Dh370 million financing solution for the new AI Innovation Program, it was announced on Monday.
“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 the national industry,” state news agency WAM reported.
“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,” said Sarah Al Amiri, Minister of State for Public Education and Advanced Technology. “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.”
The programme 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. Leveraging novel AI technologies addresses a broad range of challenges across industries, enhances efficiency, productivity, and sustainability, and facilitates 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. It supports the development of cutting-edge technologies and novel solutions to address the UAE’s most pressing industrial challenges and positions the country as a competitive player within the technology development space.
“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,” said Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank. “By harnessing AI’s power and fostering collaboration, we unlock new opportunities for growth, innovation, and sustainable development across our five priority sectors.”
