UAE’s Ministry of Industry and Advanced Technology (MoIAT), Emirates Development Bank (EDB), and EDGE Group have signed a mutual agreement to strengthen manufacturing in the defense sector.
The agreement is in line with the UAE’s Fourth Industrial Revolution program, Industry 4.0, and it aims to support growth in the defense sector, one of the key industries of the future.
According to the statement, “The agreement includes financing of up to $272 million (AED 1 billion) provided by EDB to support and accelerate the industrialization of EDGE’s unique offerings.”
“In line with the directives of our leadership to diversify the UAE’s economy, achieve sustainable development, and to 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 UAE 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. 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.”
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.
As per the statement, “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.”
HE Faisal Al Bannai, Chairman of the Board of Directors of 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.”
“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 digitization, driving higher quality and efficiency. MOIAT will also support EDGE to expand the services of our recently launched Learning and Innovation Factory to a wider industrial base within the UAE by focusing on the training and upskilling of national talent to support digital transformation and business excellence,” Mr. Al Bannai added.