The UAE Ministry of Industry and Advanced Technology (MoIAT), Emirates Development Bank (EDB), and EDGE Group, have signed a mutual agreement to support the development of manufacturing at one of the world’s top 25 advanced technology groups for defence.
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.
The agreement includes financing of up to AED 1 billion (US$ 27 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, held in Abu Dhabi on 21-22 June 2022.
The signing ceremony was witnessed by His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Her Excellency Sarah Al Amiri, Minister of State for Advanced Technology, and His Excellency Faisal Al Bannai, Chairman of the Board of Directors, EDGE Group. The agreement was signed by His Excellency Omar Al Suwaidi, Undersecretary of the UAE’s Ministry of Industry and Advanced Technology, Mansour AlMulla, Managing Director & 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 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.
His Excellency Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, commented: “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 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 noted.
“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 Emirates Development Bank, is committed to supporting partners like EDGE to capitalize on growth opportunities,” he added.
H.E Faisal Al Bannai, Chairman of the Board of Directors of EDGE Group, said: “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.”
“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,” he added.
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.