Global tech accelerator Plug and Play is partnering with Abu Dhabi Investment Office (Adio) to boost innovation in the industrial sector and attract high-calibre tech start-ups to the emirate.
As part of the partnership, the two organisations will introduce an industry 4.0 open innovation platform that aims to encourage ambitious projects, better policies, real economic value and global thought leadership.
“It will foster collaboration and knowledge exchange across major industrial entities and exceptional technology start-ups … in areas such as supply chain management, manufacturing, storage, telecommunications, maintenance, mobility, logistics, energy, construction and real estate,” Plug and Play said.
The UAE is focused on developing the country's industrial sector. Earlier this year, it launched a new strategy to increase contribution of the manufacturing sector to Dh300 billion ($81.68bn) in the next 10 years, from Dh133bn currently.
“The inherent strengths of Abu Dhabi make it a perfect fit for an Industry 4.0 open innovation platform,” said Babak Ahmadzadeh, director of Plug and Play Abu Dhabi.
“The size, diversity and mindset of the industrial players in Abu Dhabi can be a powerful leverage to attract world-class tech start-ups to the emirate through collaboration opportunities yielding real business, co-creation and investments.”
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.
“We want to support the start-ups and companies that are contributing to real and lasting change through the development of cutting-edge technologies and solutions,” said Tariq bin Hendi, director general of Adio. “The open innovation platform will harness the power of collaboration to shape a brighter future on a global scale.”
Abu Dhabi continues to attract new companies to set up operations in the emirate.
Pure Salmon, a land-based Atlantic salmon aquaculture company, said earlier this year it is setting up its global headquarters in Abu Dhabi in partnership with Adio.