MoIAT joins hands with EDB to launch $100mn fund for AI

MoIAT joins hands with EDB to launch $100mn fund for AI

The UAE Ministry of Industry and Advanced Technology (MoIAT) has partnered with Emirates Development Bank (EDB), to provide a $100 million financing solution for the new AI Innovation Program. 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 […]The UAE Ministry of Industry and Advanced Technology (MoIAT) has partnered with Emirates Development Bank (EDB), to provide a $100 million financing solution for the new AI Innovation Program.

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 Center and organised by MoIAT in collaboration with the Abu Dhabi Department of Economic Development (ADDED) and Abu Dhabi National Oil Company (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 program aims to foster