Abu Dhabi’s Mubadala will invest Dh82.5 million in research and development for its aerospace, renewables and ICT sector over the next five years, the company said on Wednesday.
Khaled Abdulla Al Qubaisi, chief executive of Mubadala’s aerospace, renewables and ICT platform, said that investing in research and development was imperative to helping Abu Dhabi realise its vision for a diversified and knowledge-based economy.
“This investment will allow us to explore new applications for innovative technologies that have the potential to catalyze the growth and competitiveness of our manufacturing and services offerings – and ultimately, help to advance the emirate’s industrial ecosystem,” he said.
The funding will focus on the fourth industrial revolution, which will include 3D printing, digital manufacturing and advanced materials as the company explores synergies across its business units.
The company said that it was going to pilot additive manufacturing as a new processing technique as well as looking into artificial intelligence applications to enhance certain processes.
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“This new phase of development over the next five years will seed disruptive techniques and technologies across our existing and upcoming businesses, supporting the UAE's vision of becoming the global center for fourth industrial revolution technologies,” said Badr Al Olama, Mubadala director of aerospace.
Mubadala said on Monday that it had signed a deal with US firm, Honeywell, to launch products and services in the aerospace sector. The company is boosting its aerospace sector in an effort to diversify its portfolio away from oil and create new revenue streams.