Industry and Advanced Technology signs two memorandums of understanding and announces financing worth 18 billion dirhams to support the growth of the industrial sector
Abu Dhabi, 5 May / WAM / The Ministry of Industry and Advanced Technology signed two memorandums of understanding with both Mashreq Bank and Dubai Islamic Bank, to provide competitive financing solutions worth 12 billion dirhams to support the growth of the national industrial sector.
While the Emirates Development Bank allocated 6 billion dirhams as part of an ongoing strategic partnership with the Ministry, bringing the total allocated funds to 18 billion dirhams.
These partnerships aim to stimulate advanced industrial and technological investments, and provide competitive financing solutions that support the expansion of industrial companies, enhance their production capabilities, contribute to the adoption of advanced technology, and raise the competitiveness of national exports.
The memorandums were signed on behalf of the Ministry of Industry and Advanced Technology by His Excellency Eng. Osama Amir Fadl, Assistant Undersecretary for the Industrial Accelerators Sector, on behalf of Dubai Islamic Bank, by Saud Al Jassim, Head of Commercial Banking, and on behalf of Mashreq Bank, by Shakeel Haider, Executive Vice President of Corporate and Investment Banking, in the presence of a number of senior officials and representatives of the banking and industrial sectors.
The agreements include allocating 10 billion dirhams from Mashreq Bank and 2 billion dirhams from Dubai Islamic Bank, over a period of five years, to support qualified industrial institutions of various sizes, while the Emirates Development Bank, the strategic partner of the Ministry, has allocated 6 billion dirhams to finance priority industrial projects and enhance their contribution to the national economy.
His Excellency Hassan Jassim Al Nowais stressed that these national partnerships embody the Ministry’s commitment to empowering the industrial sector and enhancing cooperation with national financial institutions, which contributes to providing competitive financing solutions that support sustainable industrial growth and enhance the flexibility of supply chains.
He added: “These partnerships represent a qualitative shift in supporting industrial companies, by facilitating access to financing, stimulating investment in vital sectors, and enabling factories to expand and adopt advanced technology, in a way that supports the goals of the National Strategy for Industry and Advanced Technology.”
The Ministry’s agreement with Mashreq Bank contributes to providing financing solutions that include green loans, green bonds, sustainability-related loans and bonds, and supply chain financing programs, in addition to trade financing services and financial consulting that support the growth of national industrial exports through the international bank network.
Ahmed Al Naqbi, CEO of the Emirates Development Bank, stressed that the allocation of 6 billion dirhams of competitive financing reflects the bank’s commitment to supporting the growth of the industrial sector in the UAE, by providing easy and competitive financing solutions that meet the needs of industrial companies and help them implement their expansion plans.
He added that this initiative contributes to enabling manufacturers to raise their production capabilities, enhance their competitiveness, and enter new markets, thus supporting the country’s goals in building a diversified and sustainable economy and consolidating its position as a global center for advanced industry.
Saud Al Jassim, Head of Commercial Banking at Dubai Islamic, said: “This agreement reflects the importance of the partnership between the government and banking sectors in empowering the national industrial sector and expanding companies’ access to more flexible and competitive financing solutions.
He added that through our cooperation with the Ministry of Industry and Advanced Technology within the “Make in the UAE 2026” platform, Dubai Islamic confirms its commitment to achieving national goals and supporting qualified industrial institutions with banking solutions compatible with Islamic Sharia, which contribute to enhancing their ability to grow, raising their operational efficiency, and adopting advanced technologies.”
Ahmed Abdel-Al, Executive Director of Mashreq Bank, confirmed that the UAE is moving with confident steps towards achieving its ambitious industrial goals, foremost of which is raising the industrial sector’s contribution to the gross domestic product to 300 billion dirhams by 2031, which reflects a qualitative economic transformation that consolidates the country’s competitiveness and its position as a global center for advanced industry.
He added: “Mashreq Bank is allocating 10 billion dirhams of competitive financing over five years, including long-term financing, supply chain financing, and trade solutions across its international network, allowing manufacturers in the UAE to access the capital, expertise, and global markets necessary for growth.
He stressed that this partnership represents a new and more ambitious stage in the process of supporting the national industrial sector, and consolidates the role of Mashreq Bank as a preferred banking partner for companies operating under the “Make in the Emirates” umbrella.
These partnerships reflect the pivotal role of the “Make in the Emirates” platform as a national platform for transforming industrial strategies into practical partnerships, financing opportunities and implementable projects, as it brings together under its umbrella manufacturers, investors, financial institutions, technology providers and decision makers to support the growth of the industrial sector and enhance its competitiveness.
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