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Emirates Development Bank participated in the inaugural session of the “Business Pioneers Network 4.0” meeting hosted by the Ministry of Industry and Advanced Technology. Opportunities to collaborate and exchange views on how to accelerate the applications of the Fourth Industrial Revolution in the industrial sector at the Emirates.

Launched by the Ministry of Industry and Advanced Technology in September 2021 as part of the “Industry 4.0” project, the “Industry 4.0 Pioneer Network” brings together a number of leading local and international organizations to share experiences and disseminate best practices. Adoption and application of advanced technology with all stakeholders in various sectors Industrial sectors in the UAE.

This network activity seeks to highlight the impact of the Fourth Industrial Revolution on performance, product quality and productivity, and is seen as a key element in the Ministry’s efforts to achieve digital transformation in the industrial sector. , As well as enhancing its contribution to the country’s GDP.

During the meeting, Emirates Development Bank reviewed its key role as a key financial catalyst for transition toward advanced technology through flexible financial solutions designed for companies seeking to improve, based on its membership in “Industry Leaders Network 4.0”. Utilizing advanced technology in their operations or accelerating their transformation.

“Why is the UAE investing in technology?” Ahmed Mohammed Al Nakbi, CEO of Emirates Development Bank, explained the strategic importance of the Fourth Industrial Revolution to the UAE economy and the Bank’s long – term sustainable development. Continuous efforts to provide financial solutions to expedite the integration of its tools and applications.

Al Nakbi said: “The United Arab Emirates is committed to diversifying its national economy in a way that maximizes non-oil GDP, and to enhance the sectors of the national priority by improving the dependence of the economy on its local capabilities, including enhanced technology, while achieving strong, sustainable and sustainable growth. “

He continued, “The Industrial 4.0 plan is expected to increase industrial productivity by 30% by 2031, so the potential returns are clear, while the successful use of artificial intelligence applications could contribute up to $ 96 billion to the UAE’s GDP by 2020. According to the PricewaterhouseCoopers 2030 and government spending, 50 percent. Lowers up.

He added: “Emirates Development Bank supports these initiatives by providing financing and non-financial solutions. Adopt advanced technology and infrastructure improvement programs in their operations. And we can provide long-term funding in line with these national goals.

Following the discussion session, the Bank held a meeting with CEOs and CFOs of various companies across the UAE to explore the challenges they face, advanced technological applications aimed at reviewing market opportunities and opportunities in their business sectors, as well as the direct and indirect opportunities offered by the Bank. Indirect financial solutions help to expand and diversify their business.

These solutions include financing advanced technology, financing capital expenditures, financing expansion of existing facilities, financing infrastructure, renewable energy solutions and energy efficiency.

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