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28 December, 2021

Manufacturers to Receive Strong Boost From Abu Dhabi

Abu Dhabi Department of Economic Development has introduced the ‘Smart Manufacturing Project’ to boost manufacturing sector.


The project is expected to open up more financing opportunities from local banks and banks specialized in industrial financing, according to Rashed Al Balooshi, the department’s undersecretary. The aim is to encourage new financing solutions to fund the transformation of factories to become more automated, safer and more efficient through technology.


Earlier, the UAE Ministry of Industry and Advanced Technology announced Industry 4.0, an initiative to accelerate the digital capabilities of thousands of local manufacturers through partnerships with a dozen multinationals including Adnoc, Siemens and Microsoft.


The aim is to boost manufacturing by 30 per cent and add Dh25 billion ($6.8bn) to the economy by 2031.


Ms Sarah Al Amiri, Minister of State for Advanced Sciences, opined that this initiative is a first of its kind in the Middle East and is a cornerstone of the Projects of the 50. The Projects of the 50 and the related Principles of the 50 are part of the government’s plan to ensure the UAE economy remains dynamic and robust over the next half-century.


The minister also added that harnessing the potential of automation, additive manufacturing and blockchain, among other technologies, will help to lower the carbon footprint of UAE industry, allow small-and medium-sized companies to become “more innovative and inventive” and give UAE consumers a wider array of available products and services.


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Source : thenationalnews

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