MoIAT and EDB to provide $100m financing for AI – Gulf Today

MoIAT and EDB to provide $100m financing for AI – Gulf Today

Top officials during the event.

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 $100 million (Dhs370 million) financing solution for the new AI Innovation programme.

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 centre and organised by MoIAT in collaboration with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC.

The AI Innovation programme 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 programme. 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.

The programme aims to create opportunities for local and global technology developers and startups