The Ministry of Industry and Advanced Technology (MOIAT) has declared a partnership with the Emirates Development Bank (EDB) to give Dh370 Million ($100 Million) AI financing ideas for the new AI innovation program.
The declaration was formed at the 3rd edition of the Make it in the Emirates (MIITE) Forum in Abu Dhabi.
The program matches up with the ministry’s efforts to boost innovation, enhance the adoption of advanced technologies in the industry, and form new industries supported by cutting-edge technologies beneath the umbrella of the technology transformation program. It also matches the EDB’s development of an authoritative command focused on accelerating economic growth and industrial innovation through its five priority sectors of manufacturing, modern technology, food security, renewables, and healthcare.
The program’s objective is to encourage collaboration between eminent industry players and technology developers to harness cutting-edge AI technologies to aid solve the most critical industrial challenges within national industry. It focuses on making opportunities for global and local technology developers and startups by providing a platform to display their expertise and contribute to resolving industrial issues. By uplifting novel AI technologies, it looks at the broad range of challenges across industries, increasing efficiency, productivity, and sustainability as well as giving access to finance which is an analytical for industrial transformation.
Program participants will get access at no cost to various networks of technology developers. The initiative permits knowledge sharing and cuts financial barriers to speed up the development and implementation of tailored and novel AI solutions to face the UAE’s most pressing industrial challenges additionally positing the country as a competitive player within the technology development space.
Allowing technology transformation
The Minister of State for Public Education and Advanced Technology states that “being an early mover in the sector of Advanced Technology and AI, the UAE is responsible for pioneering policies, frameworks, and programs to cover the way for the integration of novel Advanced Technology and AI solutions in industry.
The country has already gone across an important milestone in this space and the AI innovation program will aid the UAE industry in unlocking a new wave of value in efficiency, investment, and productivity. By linking industry demand and technology supply, this program will aid developers, startups, and industrial partners to encourage strong synergies, making sure of greater alignment among businesses and technology developers when it comes to introducing innovative solutions for industrial challenges.
The chief executive officer of the Emirates Development Bank Ahmed Mohamed AI Naqbi says “ The AI innovation program is poisoned for transforming manufacturing and specialized industries, boosting EDB economic impact. This planned program and our $100 Million AI financing solutions are important milestones in forming a future-ready, globally competitive industrial sector for the UAE. By controlling AI power and encouraging collaboration, we open doors to new opportunities for innovation, growth, and sustainable development through our five priority sectors.”
He further focuses on modern technologies that match the UAE industrial strategy and national aim for sustainable development and a circular economy. He added “EDB is devoted to innovation financing solutions and accelerating access to capital for businesses is the important sectors crucial for the UAE future. Manufacturing and modern technology are two of our priorities and it is an AI financing solution ahead specializing in EDB role, empowering businesses and innovators to shape and create the UAE industrial future.
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