RIYADH: The Abu Dhabi Department of Economic Development launched two initiatives that will prepare small and medium enterprises to meet the objectives of the emirate’s industrial strategy, reported the state-run news agency WAM.
The department launched the Smart Manufacturing Competence Center, which will act as a catalyst for local and global industry stakeholders to establish an innovative and sustainable ecosystem.
It also launched the Smart Manufacturing Incentive Program. It aims to assist SMEs in the industrial sector in their transformation toward smart manufacturing.
The program will implement the six transformational programs of Abu Dhabi Industrial Strategy: Industry 4.0, Circular Economy, Talent Development, Ecosystem Enablement, Homegrown Supply Chain, and Value Chain Development.
Abu Dhabi aims to invest 10 billion dirhams ($2.7 billion) across these initiatives to double the size of its manufacturing sector to 172 billion dirhams, create 13,600 jobs and increase the country’s non-oil exports to 178.8 billion dirhams by 2031.
Scheduled to begin operations in the first quarter of 2024, the SMCC will facilitate stakeholder collaboration, consolidate innovative manufacturing services and promote knowledge sharing.
MoIAT offers career opportunities in the industrial sector
The UAE’s Ministry of Industry and Advanced Technology has launched a new initiative to offer 500 training and job opportunities to local talent.
In collaboration with the Emirati Talent Competitiveness Council and the Ministry of Human Resources and Emiratization, the program aims to equip Emiratis with skills to join the industrial sector.
The program will be specially designed and structured by leading institutes, including the Center of Excellence for Applied Research and Training and Abu Dhabi Vocational Education and Training Institute, WAM reported.
More than 70 industrial companies from the UAE will participate in offering these training and employment opportunities through the Nafis platform.
Tabby raises debt facility to $350m
UAE-based fintech company Tabby upsized its debt facility to $350 million after closing a financing round by US-based Partners for Growth along with Atalaya Capital Management and CoVenture.
Last August, Tabby secured $150 million in debt funding to facilitate its “Buy Now Pay Later” offering further.
The company will use the additional financing to serve more customers and retailers. Tabby claims to have 4 million customers and 15,000 retailers.