The UAE Ministry of Industry and Advanced Technology (MoIAT) has signed a mutual agreement with Emirates Development Bank (EDB), and Edge Group, one of the world's leading advanced technology groups for defence to boost manufacturing in defence sector.
The agreement is in line with the UAE’s Fourth Industrial Revolution program, Industry 4.0, and aims to support support the development of manufacturing at one of the world’s top 25 advanced technology groups for defence.
The pact includes financing of up to AED1 billion ($272.2 million) provided by EDB to support and accelerate the industrialisation of Edge’s unique offerings. The event took place at MoIAT’s 'Make It In The Emirates' forum being held in Abu Dhabi.
The forum has brought together over 1,300 delegates, including representatives from leading national companies, manufacturers and investors.
It aims to promote the growth of national industries and discuss opportunities for partnership and cooperation in the industrial sector, in addition to presenting opportunities for product localization, redirect the value of purchases into the national economy, and benefit from local purchasing power to develop the industrial sector.
The agreement was signed by Omar Al Suwaidi, Undersecretary of the MoIAT, Mansour AlMulla, Managing Director & CEO of Edge Group and Ahmed Al Naqbi, CEO of Emirates Development Bank, in the presence of Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Sarah Al Amiri, Minister of State for Advanced Technology, and Faisal Al Bannai, Chairman of the Board of Directors of Edge Group.
Under the agreement, MoIAT will provide EDGE with a robust roadmap which will reinforce Edge’s position as one of the world’s leading and most financially sound suppliers of military hardware and technology.
MoIAT will support Edge to expand global exports of more than 40 cutting-edge domestically manufactured products and solutions, spurred on by several recent wins against major industry players, boosting the group’s contribution to in-country value.
Dr Al Jaber said the agreement is aimed at consolidating 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 will contribute to increasing its exports, supporting the growth of the national economy," he stated.
"EDB is a strategic partner that enables the Ministry to implement its programs and initiatives. We look forward to continuing our partnership with leading national companies to support the UAE’s economic diversification, industrial growth, and sustainability," he added.
According to him, Edge is one of the greatest success stories to have emerged from the UAE’s industrial ecosystem.
"As part of our objective to build a global hub for manufacturing, the Ministry of Industry and Advanced Technology, along with EDB is committed to supporting partners like EDGE to capitalize on growth opportunities," he added.
With a focus on Autonomous Capabilities, Precision Guided Platforms and Electronic Warfare, alongside its other defense and security capabilities, Edge continues to collaborate with a diverse set of international partners to co-develop intellectual property (IP) and future products, with an emphasis on SMEs and start-ups.
It is adopting advanced Industry 4.0 technologies to create efficient manufacturing processes in all areas of its product development journey and is upskilling and training its workforce in the adoption of these technologies across all its shopfloor operations.
Faisal Al Bannai, Chairman of the Board of Directors of Edge Group, said: "We have an aggressive product development roadmap and have been building a strong industrial blueprint as a pioneer of indigenous capabilities and advanced technologies, to bring superior products and solutions to market with agility, covering our focus areas and beyond."
"We share the vision with the Ministry of Industry and Advanced Technology to expand the range and scope of these capabilities, to push the boundaries in superior manufacturing for local clients as well as global export, and to further increase the in-country value of our products and services," he stated.
"Our work with MOIAT is allowing Edge, as a leader in the domain, to adopt best-in-class frameworks and Industry 4.0 technologies across our operations, as we aspire to become a global lighthouse of modern digitisation, driving higher quality and efficiency," added Al Bannai.-TradeArabia News Service