By Staff Reporter
The UAE has taken a major step in advancing its industrial sector, with the Ministry of Industry and Advanced Technology (MoIAT) signing five Memoranda of Understanding (MoUs) with leading national banks to unlock over AED40 billion in financing solutions.
The agreements, witnessed by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, aim to fuel industrial expansion, support SMEs, and drive the adoption of advanced technologies in line with the UAE’s sustainable development goals.
Partner banks include First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and WIO Bank. Each has pledged competitive, tailored financing to help businesses scale, innovate, and contribute to the country’s strategic “Make it in the Emirates” initiative.
Omar Al Suwaidi, Under-Secretary of MoIAT, emphasized the importance of these partnerships in building a resilient, innovation-led industrial ecosystem.
“These innovative financing solutions are designed to enable sustainable industrial growth, aligned with the UAE’s vision of a diversified, knowledge-based economy,”
he said.
Executives from all five banks echoed strong support for the initiative. FAB pledged AED5 billion in renewed funding, while WIO Bank committed up to AED1 billion in working capital support. Others highlighted the alignment of the initiative with national priorities, ethical financing, and long-term economic competitiveness.
The agreements reflect growing synergy between the public and private sectors, positioning the UAE as a regional leader in advanced manufacturing and industrial innovation.
News Source: Emirates News Agency
