“Collaborative Forces: UAE’s MoIAT, EDB, and EDGE Unite to Elevate Defense Manufacturing”
The UAE Ministry of Industry and Advanced Technology (MoIAT), Emirates Development Bank (EDB), and EDGE Group, have entered into a collaborative agreement to bolster the advancement of manufacturing within one of the globe’s premier 25 advanced technology consortiums for defense.
This pact aligns with the UAE’s Fourth Industrial Revolution initiative, Industry 4.0, and seeks to facilitate growth in the defense domain, one of the pivotal sectors for the future.
The accord encompasses financing of up to AED 1 billion (US$ 27 million) from EDB aimed at promoting and fast-tracking the industrialization of EDGE’s innovative offerings. The signing occurred during MoIAT’s MAKE IT IN THE EMIRATES FORUM, conducted in Abu Dhabi on June 21-22, 2022.
The formal signing ceremony was attended 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 executed 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.
Per the agreement, MoIAT will furnish EDGE with a comprehensive roadmap that will reinforce EDGE’s stature as one of the globe’s foremost and most financially robust suppliers of military equipment and technology. MoIAT will assist in enhancing EDGE’s global exports of over 40 state-of-the-art domestically produced products and solutions, energized by several recent triumphs over major industry competitors, augmenting the group’s contribution to in-country value.
His Excellency Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, stated: “Aligned with the directives of our leadership to diversify the UAE’s economy, foster sustainable development, and augment the country’s value proposition, the collaboration between MoIAT, EDB, and EDGE Group is aimed at solidifying the UAE’s position as a global industrial nexus. The Ministry and EDB are dedicated to empowering prominent national enterprises like EDGE to harness the growth opportunities available in the nation.”
“The funding will facilitate EDGE’s endeavors to embrace cutting-edge technologies and manufacturing methodologies, contributing to an increase in its exports, thereby supporting the growth of the national economy. EDB serves as a strategic ally that enables the Ministry to execute its programs and initiatives effectively. We eagerly anticipate continuing our alliance with leading local firms to endorse the UAE’s economic diversification, industrial advancement, and sustainability,” he emphasized.
“EDGE represents one of the remarkable success narratives to arise from the UAE’s industrial landscape. As part of our mission to develop a global manufacturing hub, the Ministry of Industry and Advanced Technology, alongside Emirates Development Bank, is devoted to backing partners like EDGE to optimize growth prospects,” he added.
H.E Faisal Al Bannai, Chairman of the Board of Directors of EDGE Group, remarked: “EDGE possesses an ambitious product development trajectory and has been crafting a solid industrial framework as a forerunner of indigenous capabilities and advanced technologies, to deliver superior products and solutions to the market with agility, encompassing our priority areas and beyond. We share a vision with the Ministry of Industry and Advanced Technology to broaden the range and depth of these capabilities, to push the limits of superior manufacturing for local clients as well as global exports, while further elevating the in-country value of our products and services.”
“The current agreement with MoIAT will ensure we maintain a crucial role in transforming the UAE into a global leader in future technologies, fostering sustainable economic growth and enhancing security,” he added.
The forum attracted over 1,300 participants, including representatives from leading national firms, manufacturers, and investors. Its mission is to stimulate the growth of national industries, discuss partnership and cooperative opportunities within the industrial sector, and present avenues for product localization, redirecting purchase value into the national economy, and leveraging local purchasing power to enhance the industrial sector.
