UAE launches $272M industrial fund to boost supply chains

The UAE has launched a 1 billion-dirham ($272 million) National Industrial Resilience Fund.

Announced on Sunday by Sheikh Mohammed bin Rashid, the UAE’s Vice President and Ruler of Dubai,  the initiative aims to strengthen supply chains, expand local production and increase the use of artificial intelligence across industries.

The fund is being launched in advance of next week’s annual “Make it in the Emirates” forum in Abu Dhabi, and officials say it will prioritize key sectors of the economy such as food security, manufacturing, pharmaceuticals and advanced technology.

The government will also be promoting thousands of locally made products through retail platforms connected to the “Make it in the Emirates” initiative.