UAE allocates AED5 billion to support Emirati projects
Mita Srinivasan
10X Technology

UAE allocates AED5 billion to support Emirati projects

To help facilitate the goals of “Projects of the 50”, the UAE Government has announced Project 5Bn, which involves the allocation of AED5 billion to support Emirati projects in priority sectors.

The UAE Government launched “Tech Drive”, a AED5 billion programme to support advanced technology adoption in the industrial sector. Established in partnership with the Emirates Development Bank, the fund will support the industrial sector’s shift towards the applications of the Fourth Industrial Revolution over the next five years. It will also provide programmes and incentives to support entrepreneurs in the industrial sector, aiming to achieve a AED25 billion contribution to the GDP and raise productivity by 30 percent.

The AED5 billion is part of the Emirates Development Bank’s April 2021 allocation of AED30 billion to help accelerate industrial development, adopt advanced technology, and support entrepreneurship and innovation by 2025 – all to support its wider mission of increasing productivity, enhancing the industrial sector’s contribution to GDP and creating job opportunities for UAE’s citizens.

Supporting emerging Emirati businesses follows a forward-looking vision to diversify the economy and improve competitiveness, considering that SMEs in the UAE constitute a major part of the national economy.

Through providing the necessary financing for companies and industrial institutions seeking to adopt the applications of the Fourth Industrial Revolution, Tech Drive aims to establish an attractive business environment for local and international investors and support the growth of national products.

The fund’s packages include financial and non-financial programs, direct and indirect lending, capital investment in emerging and small and medium-sized companies, and advisory and guidance services. Tech Drive operates as part of the efforts to advance the UAE’s economic diversification and industrial transformation

His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said: “The UAE is determined to raise the productivity of the industrial sector through the continuous adoption of the latest advanced technology applications in all operational processes. These ambitions reflect the pivotal role the industrial sector will play in achieving the country’s strategic national goals over the next 50 years.”

He added: “Supporting the industrial sector, and young Emirati companies in particular, demonstrates our forward-looking vision to develop the economy and enhance its competitiveness and performance. We have realized that financing is one of the challenges facing start-up or early-stage Emirati companies, and we hope that ‘Project 5Bn’ will underline the priority we put on supporting young citizens in the business environment.”