Home » UAE MoIAT and EDB to Launch $100mln of Financing for AI Innovation Program

UAE MoIAT and EDB to Launch $100mln of Financing for AI Innovation Program

by Madaline Dunn

The Ministry of Industry and Advanced Technology (MoIAT) is partnering with Emirates Development Bank (EDB) to provide a $100 million (AED 370 million) financing solution for the new AI Innovation Program.

It was shared that the program aims to foster collaboration between industry players and technology developers to harness “cutting-edge AI technologies” to help solve the most pressing industrial challenges within national industry.

Indeed, the program looks to create opportunities for both local and global technology developers and startups by providing a platform to showcase their expertise and contribute solutions to aid in:

  • Enhancing efficiency, 
  • Productivity, 
  • Sustainability and
  • Facilitating access to finance.

It was outlined that AI Innovation Program participants will gain access to a diverse network of technology developers at no cost to facilitate knowledge sharing and remove financial barriers to expedite the development and implementation of customised and novel AI solutions.

The announcement was made during the third edition of the Make it in the Emirates (MIITE) Forum, taking place from 27 to28 May at the Abu Dhabi Energy Center and organised by MoIAT in collaboration with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC.

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