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The Ministry of Industry and Advanced Technology (MoIAT) of the UAE entered into five memoranda of understanding (MoUs) on Tuesday with a coalition of prominent national banks committed to delivering over Dhs40 billion ($10.9 billion) in competitive financing aimed at enhancing the nation’s industrial landscape.
The signing ceremony was attended by Dr. Sultan bin Ahmed Al Jaber, the Minister of Industry and Advanced Technology, as part of the government’s overarching plan to foster industrial expansion, support small and medium enterprises (SMEs), and advance sustainable economic development through innovative technologies.
The banks involved in this initiative are First Abu Dhabi Bank (FAB), Emirates NBD, Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), and Wio Bank.
During the event, Omar Al Suwaidi, Under-Secretary of MoIAT, stated that these partnerships will provide customized financing solutions for industrial businesses, especially SMEs, thus enabling them to grow, innovate, and incorporate advanced technologies into their processes.
“The agreements we signed today with leading national banks highlight our dedication to empowering the industrial sector through strategic partnerships with premier financial institutions,” Al Suwaidi remarked. “These innovative financing solutions aim to facilitate sustainable industrial growth, in line with the UAE’s vision of a diverse, knowledge-based economy propelled by innovation.”
These agreements are part of the UAE’s Make it in the Emirates initiative, introduced to promote domestic production, enhance industrial capabilities, and stimulate entrepreneurship in various sectors, including manufacturing, clean energy, and technology.
Al Suwaidi emphasized the vital role that financial institutions play in fostering a supportive environment for industry, stating, “This demonstrates a strong collaboration between the government and the financial sector in strengthening the UAE’s economic resilience and sustainability.”
Support from UAE Banks
The signed agreements illustrate the collective determination of financial institutions to support the UAE’s industrial growth through flexible and targeted financing options.
First Abu Dhabi Bank has committed Dhs5 billion to financing as part of its renewed dedication to the industrial sector.
“FAB is delighted to reinforce its collaboration with the Ministry of Industry and Advanced Technology as we embark on the next phase of the UAE’s industrial development,” stated Hana Al Rostamani, group CEO of FAB. “This renewed commitment of Dhs5 billion will provide tailored, competitive financing to assist a wide range of industrial enterprises, from startups to large manufacturers.”
FAB’s new financial commitment exceeds its prior allocation, showcasing confidence in the sector’s potential and the robustness of the national industrial framework.
ADCB’s group CEO Ala’a Eraiqat indicated that the bank is fully aligned with the “Make it in the Emirates” initiative, viewing it as an ambitious expression of the UAE’s bold vision for a diversified, innovation-driven economy.
“As a financial institution deeply embedded in this nation’s progress, we see it as our responsibility and privilege to help cultivate a resilient industrial ecosystem that generates long-term value,” he noted.
Emirates NBD, which has been pivotal in supporting UAE enterprises, also reiterated its commitment to this strategic endeavor.
“The Make it in the Emirates project stands to significantly advance the industrial ambitions of the UAE for years to come,” remarked Shayne Nelson, Group CEO of Emirates NBD. “We are proud to work alongside the Ministry in an initiative that fully aligns with our collective strategic, investment, and development goals.”
Nelson added that the bank’s understanding of the UAE’s industrial ecosystem positions it well to deliver financing solutions that cater to both new startups and established companies.
ADIB, one of the largest Sharia-compliant banks in the region, reaffirmed its commitment to providing ethical financing options for industrial enterprises.
“This MoU signifies our dedication to the growth of the UAE’s industrial and SME sectors through ethical, Sharia-compliant financing,” said Mohamed Abdelbary, group CEO of ADIB. “By backing the Make it in the Emirates initiative, we are aiding in the establishment of a more varied and competitive industrial landscape.”
He further stated that the bank’s collaboration with MoIAT will yield practical, value-driven financial solutions that empower businesses to innovate and expand.
Digital-first lender Wio Bank has also joined the initiative, pledging up to Dhs1 billion in working capital for qualified corporations and SMEs.
“The UAE is enhancing its position as a leading hub for advanced industries, with substantial growth in manufacturing as global firms expand and invest locally,” said Jayesh Patel, CEO of Wio Bank. “Through this initiative, Wio aims to streamline access to financial services and foster the development of high-impact, technology-driven enterprises.”