{"id":92491,"date":"2024-05-29T00:00:00","date_gmt":"2024-05-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/day-two-of-make-it-in-the-emirates-more-funding-new-digitization-initiatives-and-new-manufacturers-set-up-shop-in-dubai\/"},"modified":"2024-05-29T00:00:00","modified_gmt":"2024-05-29T00:00:00","slug":"day-two-of-make-it-in-the-emirates-more-funding-new-digitization-initiatives-and-new-manufacturers-set-up-shop-in-dubai","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/day-two-of-make-it-in-the-emirates-more-funding-new-digitization-initiatives-and-new-manufacturers-set-up-shop-in-dubai\/","title":{"rendered":"Day two of Make it in the Emirates: More funding, new digitization initiatives, and new manufacturers set up shop in Dubai"},"content":{"rendered":"

The second and final day of Make it in the Emirates rang in more industry initiatives<\/strong> and saw more manufacturers set up shop in the UAE. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

DATA POINT- Over 1.3k products now carry the \u201cMade in the Emirates\u201d label<\/strong> since the initiative\u2019s launch in 2023<\/a>, Wam<\/a> reports, citing Assistant Under-Secretary for Standards and Regulations Sector at the Industry Ministry, Farah Al Zarooni.<\/p>\n

DIGITIZATION- <\/p>\n

#1- Industry Ministry launches digitalization initiative:<\/strong> The Industry and Advanced Technology Ministry rolled out a new initiative to accelerate digital adoption across the industrial sector, dubbed Transform 4.0, Wam<\/a> reports. The initiative will support 100 manufacturers, to create \u201ca group of Industry 4.0 lighthouses over the next three to five years,\u201d and comes as part of plans to raise the industrial sector\u2019s contribution to the GDP to AED 300 bn by 2031.<\/p>\n

EDB to fund the initiative:<\/strong> The ministry inked an MoU with Emirates Development Bank (EDB) and national telco du<\/a> to boost digital transformation in manufacturing. EDB will finance the onboarded companies, while du will act as a tech partner, assisting manufacturers in implementing the digitalization roadmap.<\/p>\n

ICYMI- <\/strong>EDB is allocating up to AED 5 bn<\/a> to finance businesses and projects in the manufacturing sector, marking its highest funding pledged to date, in a bid to boost \u201ctechnology adoption, economic resilience and diversification\u201d in the sector.<\/p>\n

Also chipping in:<\/strong> Industrial digitalization firm Maxbyte<\/a>, Precast<\/a>, and du have collectively committed services valued at AED 10 bn to support the program. The Industry Ministry inked an MoU with Industry Apps<\/a> to provide companies under the program with access to the platform\u2019s portfolio of smart applications to support their digital transformation. Industry Apps will also offer services worth AED 5.5 mn without charge.<\/p>\n

FYI- <\/strong>Industry Apps is a platform that aids companies in \u201c[raising] their digital maturity\u201d and supports their digital transformation efforts. <\/p>\n

Who\u2019s in?<\/strong> Automation solutions provider ACME<\/a> was the first company to be enrolled in the initiative. Other onboarded companies include Hotpack Global<\/a>, Mercatus MEA, Modern Plastics Industries, Hempel Paints, Ittihad Paper Mill (IPM), HIRA Industries, Star Paper Mill, Abu Dhabi Precast, Emirates Float Glass, HIRA Industries, Lipton, IPM, Al Gharbia Pipeline, Aquachemie, iPlast, Aswan Engineering, Agthia Group, Masafi, and Union Copper Rod. <\/p>\n

TRADE FINANCE- <\/p>\n

The Abu Dhabi Exports Office (Adex) \u2014 the export arm of Abu Dhabi Fund for <\/strong>Development \u2014 has allocated AED 3.5 bn in funding<\/strong> to boost local companies\u2019 exports, Deputy Director General of ADFD Khalifa Al Qubaisi told Wam<\/a> on the sidelines of Make it in the Emirates, without clarifying the timeline of the disbursement or specific sectors it plans to target. <\/p>\n

How does Adex help?<\/strong> The export office usually provides credit facilities to exporters, as well as financing and guarantees for foreign importers to support their imports from the UAE\/ <\/p>\n

MORE LOCAL MANUFACTURING OFFTAKE AGREEMENTS- <\/p>\n

Strata to manufacture SailGP F50 parts:<\/strong> Mubadala-owned composite aerostructures manufacturer Strata Manufacturing<\/a> inked a partnership with global sailing competition SailGP to manufacture parts of SailGP\u2019s F50 catamaran models, Wam<\/a> reports. As a production partner, Strata will help SailGP increase the number of its international events by ramping up the production of F50 catamarans through supplying key components of the multihull sailboat fleet, used by the ten current teams in the flagship league. <\/p>\n

Mubadala + SailGP expand partnership:<\/strong> The agreement, which was signed on the sidelines of the Make it in the Emirates Forum, builds on Mubadala\u2019s existing partnership<\/a> with SailGP as a global series partner. The Abu Dhabi sovereign wealth fund is the title sponsor for the upcoming Mubadala New York Sail Grand Prix, scheduled for 22-23 June.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Industry and Advanced Technology Ministry rolled out a digitization initiative to boost digitization for 100 local manufacturers<\/p>\n","protected":false},"author":1,"featured_media":92492,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1545],"tags":[843,7,64,1253,1252],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","tag-abu-dhabi-exports-office","tag-enterpriseam-uae","tag-manufacturing","tag-sailgp","tag-strata","wpautop","entry"],"acf":{"mongo_id":"455d7335-840f-470a-b0cf-03941e258b79","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/2406.jpeg","photo_position":"above","homepage_title":"","full_issue_title":"Day 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