The UAE’s Ministry of Industry and Advanced Technology has joined forces with US technology company IBM to boost the pace of digital transformation in the Emirates.
The agreement will allow the ministry to develop its network of Industry 4.0 champions, authorities said on Tuesday.
Under the network, local and global companies partner to share best practices in the deployment of Fourth Industrial Revolution (4IR) technologies across the UAE’s industrial sector.
“The UAE’s industrial sector is making a significant contribution to the rapid economic development of the UAE,” said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology.
“The expertise of technology partners like IBM is essential in demonstrating the transformational power of Fourth Industrial Revolution solutions in an already thriving segment.”
The Industry 4.0 champions network aims to support the creation of 100 “lighthouses" — categorised by the World Economic Forum as the 4IR organisations — by 2031 and attract 500 tech companies by the end of the same year. These companies will help drive productivity, innovation and efficiency in their respective sectors.
The UAE is already a leader when it comes to embracing the power of new technologies, Arvind Krishna, IBM’s chairman and chief executive, said.
“At a time when digital innovation is reshaping every industry and profession, we are excited to help bring to life the UAE’s vision of taking the most advanced technologies available and deploying them across the country’s industrial sector,” he added.
Launched as part of Projects of the 50 last year, Industry 4.0 initiative is designed to accelerate the integration of 4IR solutions and applications across the country’s industrial sector. The technology is expected to improve the UAE’s overall industrial competitiveness, drive down costs, increase productivity and efficiency, and create new jobs.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
