The Abu Dhabi Department of Economic Development (ADDED) has launched the Smart Manufacturing Project to support manufacturing facilities to adopt industry 4.0 applications.
Through the project, the department seeks to improve the productivity of manufacturing enterprises in Abu Dhabi, boost commercial business growth, and enhance the industrial sector’s competitiveness, according to a press release.
Hence, the initiative will offer new financing solutions through the commercial banking system to fund the factories’ transformation into industry 4.0 technology.
The project targets some industrial sectors, namely the food, chemical, electronic and electrical, pharmaceutical, and transportation industries.
The first phase of the project will focus on the new and existing industrial projects, especially the small and medium-sized enterprises.
The Executive Director of the IDB, Mohammed Munif Al Mansouri, said: “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.”
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