UAE Launches $100 Million AI Financing Program

The Ministry of Industry and Advanced Technology (MoIAT) has partnered with Emirates Development Bank (EDB) to launch a $100 million (Dh370 million) financing program for AI innovation. This was announced at the Make It in the Emirates (MIITE) Forum in Abu Dhabi

This AI Innovation Program is part of MoIAT's efforts to boost innovation, speed up the use of advanced technologies in industry, and create new sectors powered by cutting-edge technologies. It also aligns with EDB's mission to promote economic growth and industrial innovation in five key areas: manufacturing, advanced technology, food security, healthcare, and renewable energy. Program participants will gain access, at no cost, to a diverse network of technology developers.

The program will encourage collaboration between leading industry players and technology developers to use AI technologies to solve major industrial challenges in the UAE. It aims to provide a platform for both local and international technology developers and startups to showcase their skills and help address these challenges.

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.

Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, emphasized the UAE's commitment to leading in advanced technology and AI. "As a pioneer in this field, the UAE is dedicated to creating policies, frameworks, and programs that integrate advanced technology and AI solutions into our industries. The AI Innovation Program will help UAE industries achieve new efficiency, productivity, and investment levels," she said.