US regulators have begun investigating tech giants' investments in generative artificial intelligence startups including OpenAI, the creator of ChatGPT

The Ministry of Industry and Advanced Technology (MoIAT) and Emirates Development Bank (EDB) have joined hands to provide AED 370 million in funding for a new AI Innovation Program.

The announcement was made Monday during the third Make it in the Emirates (MIITE) Forum, which is being held till Tuesday at the Abu Dhabi Energy Center. It is organized by MoIAT along with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC.

The AI Innovation Program is part of the ministry's efforts to enhance innovation and speed up the use of advanced technologies in industry, aiming at creating new industries based on cutting-edge technologies as part of the technology transformation program.

This program also supports EDB's goal of promoting economic growth and innovation in five key sectors -- manufacturing, advanced technology, food security, healthcare, and renewables.

"As an early mover in the field of Advanced Technology and AI, the UAE is committed to pioneering policies, frameworks and programs to pave the way for the integration of novel Advanced Technology and AI solutions in the industry," Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, was quoted as saying by WAM.

She noted that the UAE has already crossed important milestones in the space of Artificial Intelligence (AI), adding that the AI Innovation Program will help the UAE industry to unlock a new wave of value in efficiency, productivity, and investment.

"Through linking industry demand and technology supply, this program will help developers, startups and industrial partners foster stronger synergies, ensuring greater alignment among businesses and technology developers when it comes to introducing innovative solutions to industrial challenges," she added.

According to Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, the AI Innovation Program will transform manufacturing and specialized industries, amplifying EDB's economic impact.

He said that this strategic program and $100 million AI financing solution mark significant milestones in creating a modern, competitive industrial sector in the UAE. With the help of AI, teamwork is encouraged and new opportunities for growth, innovation, and sustainable development are unlocked.

Al Naqbi further said that "EDB is committed to innovating financing solutions and enhancing access to capital for businesses," adding that "manufacturing and advanced technology are two of our priorities, and this AI financing solution further specializes EDB's role" in supporting businesses and innovators to shape the UAE's industrial future.