Global tech accelerator Plug and Play Abu Dhabi and the Abu Dhabi Investment Office has finalised the list of founding partners for a new platform designed to boost innovation in the industrial sector and attract high-calibre tech start-ups to the emirate.
The founding partners for Abu Dhabi's Industry 4.0 open innovation platform include Mubadala Investment Company's aerospace unit Strata Manufacturing, the UAE's largest industrial company Emirates Global Aluminium, food company BRF, power management solutions firm Eaton, Red Bull Advanced Technologies, Russia's top oil producer Gazprom Neft, signage company Giffin Al Jazira Industrial Group and agribusiness specialist Al Dahra.
“Our partnership will enable companies from a range of sectors to access the tools and information they need to thrive in the industries of the future,” Monira Al Kuttab, executive director of Adio, said.
“We hope to drive real innovation and prosperity in major economic drivers of the Emirates, such as manufacturing, logistics, sustainability, food security and more through meaningful collaborations with exceptional tech start-ups and forward-thinking corporate and government entities here in the UAE,” Babak Ahmadzadeh, managing director of Plug and Play Abu Dhabi, said.
The UAE is focused on developing the country's industrial sector. Earlier this year, it launched a new strategy to increase the contribution of the manufacturing sector to Dh300 billion ($81.6bn) in the next 10 years, from Dh133bn currently.
Plug and Play Abu Dhabi and Adio have worked with some of the founding partners to define key tech challenges and innovation bottlenecks that will be solved by seven high-calibre global start-ups selected to be part of the open innovation platform, a joint statement on Saturday said.
Tech challenges agreed on collectively are: the Industrial Internet of Things; vehicle electrification and charging; warehouse automation; predictive analytics and maintenance; last mile delivery; and low carbon vehicle solutions and integrations.
Plug and Play Abu Dhabi and Adio will also help accelerate the use of innovative pilots, tech integrations and new products that facilitate Abu Dhabi’s industrial development, they said.
The founding partners will also help ensure that the Industry 4.0 open innovation platform creates a unified marketplace and forum to foster collaboration and knowledge exchange across major industrial firms and technology start-ups.
Plug and Play Abu Dhabi and Adio announced their partnership in August to introduce an industry 4.0 open innovation platform that aims to encourage ambitious projects, better policies, real economic value and global thought leadership.
Silicon Valley's Plug and Play, one of the biggest accelerators in the world, opened its office in Abu Dhabi Global Market in October 2017, after signing a partnership with the financial free zone to bring financial technology start-ups to the capital.
Abu Dhabi's economy is expected to grow between 6 per cent and 8 per cent over the next two years, driven by government spending, financial services and foreign direct investment, Mohammed Al Shorafa, chairman of the emirate's Department of Economic Development, said earlier this year.
