The UAE Ministry of Industry and Advanced Technology (MoIAT), Emirates Development Bank (EDB), and Edge Group signed an agreement to boost manufacturing in the defense sector.
Financing of up to $272 million will be provided by EDB to support and accelerate the industrialization of Edge’s offerings. Under the agreement, the ministry will provide Edge with a roadmap to reinforce its position as one of the world’s leading suppliers of military hardware and technology. The ministry will support Edge to expand global exports of more than 40 domestically manufactured products and solutions.
The agreement was signed at the Make it in the Emirates forum held in Abu Dhabi.
“To diversify the UAE’s economy, achieve sustainable development, and enhance the country’s value proposition, the agreement between MoIAT, EDB, and Edge Group aims to consolidate the UAE’s position as a global industrial hub. The Ministry and EDB are committed to supporting leading national companies like Edge to leverage the growth opportunities in the country. The financing will support Edge’s efforts to adopt advanced technologies and manufacturing processes and contribute to increasing its exports, supporting the growth of the national economy,” said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, in a statement.
The agreement is in line with the Industry 4.0 initiative, launched by the ministry last year, aims to support growth in the defense sector, and accelerate the integration of 4IR solutions and applications, such as cloud, artificial intelligence and the Internet of Things, across the country’s industrial sector.