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 programme, Industry 4.0, and aims to support growth in the defence 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 industrialisation of EDGE’s unique offerings.
The signing ceremony, held on the sidelines of "Make It In The Emirates" Forum in Abu Dhabi, was witnessed by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology; Sarah bint Yousif Al Amiri, Minister of State for Public Education and Advanced Technology; and Faisal Al Bannai, Chairman of the Board of Directors, EDGE Group.
The agreement was signed by Omar Al Suwaidi, Under-Secretary of the Ministry of Industry and Advanced Technology; Mansour Al Mulla, Managing Director and CEO, EDGE Group; and Ahmed Al Naqbi, CEO of Emirates Development Bank.
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 cutting-edge domestically manufactured products and solutions to over 40 countries, spurred on by several recent wins against major industry players, boosting the group’s contribution to in-country value.
In his remarks on the occasion, Dr. Sultan Al Jaber said,
"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 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 programmes and initiatives. We look forward to continuing our partnership with leading national companies to support the UAE’s economic diversification, industrial growth, and sustainability."
With a focus on Autonomous Capabilities, Precision Guided Platforms and Electronic Warfare, alongside its other defence 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.
EDGE 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.
For his part, Faisal Al Bannai commented,
"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. 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.
"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. 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. Today’s agreement with MOIAT will ensure we continue to play an integral role in turning the UAE into a world-leading hub of future technologies for sustainable economic growth and security."
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 localisation, redirect the value of purchases into the national economy, and benefit from local purchasing power to develop the industrial sector.
News Source: Emirates News Agency