The Ministry of Industry expects 5 memoranda of understanding to provide financing solutions worth 40 billion dirhams with national banks in support of companies operating in the industrial sector
Abu Dhabi, May 20 / WAM / His Excellency Dr. Sultan bin Ahmed Al -Jaber, Minister of Industry and Advanced Technology, witnessed the signing of 5 memoranda of understanding with a group of national banks, which included the first Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and Wio Bank, to provide competitive financing solutions worth 40 billion dirhams to support the growth of the industrial sector.
The notes aim to stimulate advanced industrial and technological investments, provide competitive financing solutions to small and medium -sized companies, and enhance strategic partnerships between the public and private sectors, which contributes to supporting the growth of the national industrial sector and achieving the sustainable development goals of the state.
The notes were signed by the Ministry of Industry and Advanced Technology, His Excellency Omar Al -Suwaidi, Undersecretary of the Ministry, and on the first Abu Dhabi Bank, Fahd Al -Shaer, CEO of Abu Dhabi First Islamic Finance, and on the Emirates NBD Group Hisham Al -Qasim, Vice Chairman of the Board of Directors of the delegate, and on the Abu Dhabi Islamic Bank, Mohamed Abdel Bari, CEO of the bank, and on the Abu Dhabi Commercial Bank Group, Engineer Abdullah Al Shamsi, Senior Business Office in the Group, on the Group, Jayish Patel, Bank CEO.
These notes come within the framework of the Ministry’s keenness to enhance financial empowerment of the industrial sector, and to provide innovative financing solutions to stimulate industrial entrepreneurship, and to enable companies to expand their business and adopt modern technologies.
His Excellency Omar Al -Suwaidi, Undersecretary of the Ministry of Industry and Technology, said: “The signing of five memoranda of understanding with an elite group of national banks embodies the Ministry’s commitment to empowering the national industrial sector by strengthening partnerships with leading financial institutions, and providing innovative financing solutions that support sustainable industrial growth. These partnerships come within our continuous efforts to stimulate investments in priority industrial sectors, which reflects the ambitious vision of the UAE in building an economy Various cognitive, innovative. ”
Al -Suwaidi stressed that these partnerships represent a qualitative shift in supporting small and medium -sized companies, enhancing their ability to expand, adopting advanced technology, and active contribution to achieving the targets of the national strategy for advanced industry and technology.
The price of the vital role played by national banking institutions in supporting the business environment and enabling the industrial sector to reach flexible financial solutions, which enhances the competitiveness of the Emirati industry, and confirms the integration of roles between the governmental and financial sectors in advancing sustainable economic development.
For his part, Hisham Al -Qasim, Vice -Chairman of the Board of Directors of Emirates NBD Group, said: “The“ Make in the Emirates ”initiative is a unique project that will contribute greatly to supporting the industrial aspirations of the UAE for many years to come and the Emirates NBD is proud of cooperation with the Ministry of Industry and Advanced Technology in the“ Make in the Emirates, which promotes growth, welcomes investors, and contributes to the formation of the role of the state as an advanced center And dynamic manufacturing, industry and innovation, and is completely consistent with our joint strategic, investment and development goals.
He added that thanks to our extensive experience and our specialized knowledge of the economic and industrial scene in the UAE, Emirates NBD has a distinguished position that allows it to identify, involve and empower companies, from startups to existing companies, which have the products and capabilities necessary to contribute to the economic vision of the state.
For its part, Hana Al -Rostamani, CEO of Abu Dhabi Group I Group, said: “We are proud to enhance our partnership with the Ministry of Industry and Advanced Technology to continue our constructive cooperation, and support the new stage of the industrial development process in the UAE and through our commitment to providing new funds worth 5 billion dirhams, we will provide competitive solutions designed to support various categories of industrial establishments, starting from emerging companies to senior Manufacturers, in a way that contributes to accelerating the growth of this vital sector. “
Al -Rostamani added: “This funding exceeds the above that the bank has allocated to the local industrial sector, which reflects its strength and solid foundations, and the bank’s ability to use the capital with a meaningful and effective approach to achieve a tangible impact and by unifying efforts with the Ministry of Industry and Advanced Technology We contribute to building a national industrial system based on innovation, to enhance the competitiveness of the UAE and establish its pioneering position at the level of the region in the field of industries Advanced.
For his part, Mohamed Abdel Bari, CEO of the Abu Dhabi Islamic Bank, stressed that this partnership reflects the commitment to support the growth of the industrial sectors and the small and medium enterprises sector in the UAE through moral financing and is compatible with the provisions of Islamic Sharia and said: “We are proud to cooperate with the Ministry of Industry and Advanced Technology to provide innovative banking solutions that are in line with the priorities of national development, and enables companies to expand with confidence and forget them through supporting a forum “Make in the Emirates”, in strengthening a more diverse and competitive industrial base, supported by advanced technology and stimulating strategic investment.
He added that the Abu Dhabi Islamic Bank continues its commitment to providing practical financial solutions and value -based, which enables companies to grow, innovate and achieve success.
In turn, Alaa Erekat, CEO of Abu Dhabi Commercial Bank Group, said: “Abu Dhabi Commercial Bank, as one of the banking institutions with a long history in the march of the progress of the national economy of the UAE, is proud to be one of the main sponsors of the“ Made in the Emirates ”forum, which embodies the ambitious strategic vision of the state towards building a diverse and sustainable national economy, based on innovation and creativity. This national initiative is in the framework of our firm commitment to support the growth of the industrial sector, enhance the competitiveness of the business environment and active contribution in advancing economic growth, and we confirm our keenness to continue cooperation with our partners, in the public and private sectors to develop new horizons that contribute to achieving the aspirations of the state and enabling national competencies to fulfill a pivotal role in advancing the comprehensive development process and achieving a prosperous and sustainable future.
Jaish Patel, CEO of “Yu Yuan Bank” said: The UAE continues to establish its position as a leading destination for advanced industries, recording a tremendous growth in the manufacturing sector as a result of the expansion of international companies to the local industrial market and investing in it and we are in Yu Yu Bank proud to support the ‘UAE’ initiative ‘through our partnership with the Ministry of Industry and Advanced Technology and we will employ our digital banking capabilities to support the ministry’s mission to accelerate the pace Innovation and payment of industrial diversification, and our initiative aims to provide a working capital of up to one billion dirhams for companies and small and medium enterprises to enable them to access smart financial services, and to support the growth of companies based on technology capable of playing a vital role in stimulating the transformation of the Emirati economy.
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