The UAE's defence technology company Edge Group has signed agreements, including a 1 billion dirhams ($272 million) funding, to boost local manufacturing.
Ministry of Industry and Advanced Technology (MoIAT), Emirates Development Bank EDB) and Edge Group signed the agreement on Tuesday at the Make it in the Emirates forum held in Abu Dhabi.
Under the agreement, the ministry will support state-owned weapons maker to expand global exports of more than 40 domestically manufactured products and solutions, the ministry said in a statement.
It will also provide Edge with a “robust road map” to becoming one of the world’s “most financially sound suppliers of military hardware and technology”, the statement said.
The agreement will support the diversification of the UAE's economy, achieve sustainable development and enhance the country’s value proposition, said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology.
“The financing will support Edge’s efforts to adopt advanced technologies and manufacturing processes and will contribute to increasing its exports, supporting the growth of the national economy,” he added.
At the forum several of the UAE's largest companies committed to allocate nearly 110 billion dirhams in potential purchase agreements for local manufacturers.
Like other oil producers in the Gulf, the UAE is heavily reliant on crude exports for income and is aiming to diversify its economy.
(Reporting by Brinda Darasha; editing by Seban Scaria)