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EDB highlights its role as key financial enabler of 4IR Transformation

by Dubai Forum
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ABU DHABI, 16th June, 2022 (WAM) — Emirates Development Bank (EDB) has participated in the inaugural Champions Network Assembly to connect entities in its “Champions 4.0 Network” with stakeholders, industrial companies and SMEs to explore collaboration opportunities and exchange ideas on how to accelerate the adoption of 4IR technologies in the UAE’s industrial sector.

The Champion Network Assembly was organised by the Ministry of Industry and Advanced Technology (MoIAT).

As part of MoIAT’s UAE Industry 4.0 programme, the Champions 4.0 Network brings together pioneering organisations to share best practices on deploying and utilising advanced technologies with companies across the UAE industry, showcasing the impact of the Fourth Industrial Revolution on operational efficiency, quality and productivity.

The Network is a key element of the ministry’s efforts to transform the industrial sector into a sustainable, long-term engine of growth and elevate its contribution to the national GDP.

As one of the Industry 4.0 Champions, EDB showcased its role as a key financial Enabler of 4IR transformation with a range of flexible financing solutions tailored to companies seeking to invest in advanced technology or accelerate their digital transformation journeys.

During a session titled “Why is the UAE investing in technology?” EDB Chief Executive Officer Ahmed Mohamed Al Naqbi outlined the strategic importance of the Fourth Industrial Revolution to the long-term, sustainable growth of the UAE economy, and underscored EDB’s key role to deliver finance to accelerate the integration of its tools and applications.

“The UAE is committed to diversifying the national economy towards non-oil GDP, and this means developing sectors that are a national priority for economic self-reliance and offer strong, stable and sustainable growth – including advanced technology,” he said. “The potential rewards are clear. The UAE Industry 4.0 programme is forecast to increase industrial productivity by 30 percent by 2031, while the successful deployment of artificial intelligence could, according to PwC, contribute as much as US$96 billion to UAE GDP by 2030 – and reduce government spending by up to 50 percent.

“EDB is supporting these efforts by delivering financial and non-financial assistance to projects and businesses built around 4IR technologies such as artificial intelligence, robotics and the Internet of Things; to companies seeking to integrate advanced technologies into their operations; and to projects that enhance the UAE’s digital infrastructure.”

Following the panel discussion, EDB hosted a roundtable with CEOs and CFOs from a number of UAE companies across industry sectors. The purpose was to discover the challenges they are facing, the market potential of their sector and the opportunities presented by advanced technology tools, as well as explore ways in which EDB’s range of direct and indirect financing can help them expand and diversify their businesses.

In addition to advanced technology financing, these solutions include capex financing, greenfield and brownfield financing, and renewable and energy efficiency financing.

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