The UAE Ministry of Industry and Advanced Technology (MoIAT), Emirates Development Bank (EDB), and EDGE Group, one of the world’s top 25 advanced technology groups for defence, have signed a mutual agreement to support the Group’s manufacturing development.
The agreement is in line with the UAE’s Fourth Industrial Revolution program, Industry 4.0, and aims to support growth in the defense sector, one of the key industries of the future. It includes financing of up to AED 1 billion provided by EDB to support and accelerate the industrialization of EDGE’s unique offerings.
The signing ceremony, held on the sidelines of “Make It In The Emirates” Forum in Abu Dhabi.
Under the agreement, MoIAT will support EDGE to expand global exports of cutting-edge domestically manufactured products and solutions to over 40 countries.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said, “The agreement between MoIAT, EDB and EDGE Group aims to consolidate the UAE’s position as a global industrial hub. 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.”
Faisal Al Bannai, Chairman of the Board of Directors, EDGE Group, said that EDGE has “an aggressive product development roadmap and has 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.”