The Abu Dhabi Department of Economic Development (ADDED), represented in the Industrial Development Bureau (IDB), had announced the launch of the Smart Manufacturing Project, which supports the adoption of new manufacturing technologies by the manufacturing facilities.
The project aims to develop and enhance the productivity of manufacturing enterprises in Abu Dhabi, also, the project works to accelerate the commercial business growth, said the statement from ADDED.
The first phase of the Smart Manufacturing Project will focus on the new and existing industrial projects, especially the small-sized enterprises (with annual returns less than AED 50 million and workforce size ranging between 10 to 100 employees), in addition to the medium-sized projects (with annual returns less than AED 250 million and workforce size ranging between 101 to 250 employees).
Under-Secretary Rashed Abdulkarim Al Blooshi said the new project comes under the umbrella of ADDED’s important strategic initiatives for enhancement and diversification of the economy of Abu Dhabi.
The initiative encourages the industrial facilities in the emirate to adopt the Industry 4.0 applications, by providing new financing solutions through the commercial banking system to fund the transformation of factories into Industry 4.0 technology, and also makes a chance for the advanced technology providers to offer their services to the industrial sector.
Al Blooshi said that the project specified a number of KPIs to ensure the achievement of its objectives, mainly; increase in financing opportunities by local banks and banks specialised in industrial financing, with a special focus on the sectors adding high value, as well as implementing several awareness programmes and workshops.
IDB Executive Director Mohammed Munif Al Mansouri said that it is scheduled to receive the requests of the industrial facilities to register in the project by next February.
These requests will be subject to technical assessment by the IDB as per the defined criteria of the Smart Manufacturing Project. Next to this, the requests will be added to TAMM’s financial platform.
"The IDB named its strategic partners for this project which are some commercial banks and a consulting firm to provide technical support to the project." Al Mansouri pointed out that the project targets some industrial sectors, namely: food, chemical, electronic and electrical, pharmaceutical and transportation industries," he added.