EDB highlights its role as key financial enabler of 4th industrial revolution

The bank has been working with stakeholders, industrial companies and SMEs to explore the adoption of 4IR technologies in the UAE’s industrial sector.

EDB recently participated in the inaugural Champions Network Assembly to connect entities in its “Champions 4.0 Network” and exchanged ideas on how to accelerate the adoption of these technologies.

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

This network brings together pioneering organisations to share best practices on deploying and utilising advanced technologies with companies across the UAE.

It is designed to showcase the impact of the 4IR on operational efficiency and productivity, and is a key element of the ministry’s efforts to transform the industrial sector into a sustainable, long-term engine of growth.

EDB explained its role as a key financial enabler of 4IR transformation with its range of flexible financing solutions tailored to companies seeking to invest in advanced technology and accelerate their digital transformation journeys.

EDB CEO Ahmed Mohamed Al Naqbi said: ”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.

The Champions Network initiative is part of the UAE Industry 4.0 programme, which is forecast to increase industrial productivity by 30 percent by 2031.

The successful deployment of artificial intelligence could contribute as much as $96 billion (AED352 billion) to UAE GDP by 2030 – and reduce government spending by up to 50 percent, according to PwC.

Al Naqbi added: ”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.”

EDB hosted a roundtable with CEOs and CFOs from a number of UAE companies to discover the challenges they are facing, the market potential of their sector and the opportunities presented by advanced technology tools.