By Staff Reporter
The UAE’s industrial sector has reached unprecedented levels of financial support, driven by a robust collaboration between government and private entities.
This aligns with the ambitious goals of the “Operation 300 Billion” initiative, aimed at positioning the UAE as a global industrial hub by 2031.
Banks operating in the UAE injected AED 5.537 billion into the manufacturing sector in the first nine months of 2024, pushing total loans to a historic high of AED 94.85 billion, according to the Central Bank of the UAE (CBUAE). This marks a 6.2% growth since the end of 2023 and a staggering 37% increase over the past decade.
Key institutions, including Emirates Development Bank (EDB), the Khalifa Fund for Enterprise Development (KFED), and the Mohammed Bin Rashid Establishment for SME Development, play pivotal roles in financing industrial innovation and technology-driven projects. These entities offer tailored financial solutions and training programmes, empowering SMEs and entrepreneurs to thrive in the evolving industrial landscape.
Jamal Saleh, Director General of the UAE Banks Federation, underscored the banking sector’s commitment to supporting the industrial sector, emphasizing its vital role in economic diversification.
“The sector contributed more than 11% to the UAE’s GDP in 2023 and is integral to the transition towards the Fourth Industrial Revolution (4IR) and sustainability,”
he noted.
This collective effort highlights the UAE’s dedication to fostering a resilient, diversified, and innovation-driven economy, ensuring long-term prosperity and sustainability.
News Source: Emirates News Agency
