UAE Launches $272 Million Fund to Boost Industrial Resilience

The United Arab Emirates has unveiled plans to establish a national fund valued at one billion dirhams, equivalent to $272.30 million, aimed at strengthening industrial resilience. This announcement was made by Prime Minister Sheikh Mohammed bin Rashid Al Maktoum via a post on platform X on Friday.

The new fund is set to play a crucial role in localizing vital industries, enhancing supply chain resilience, and accelerating the implementation of artificial intelligence technologies across various aspects of production, operations, and planning.

According to the prime minister, the initiative is a strategic move to bolster the country's industrial sector. The conversion rate stands at $1 to 3.6724 UAE dirham.

(With inputs from agencies.)