FAB Commits AED 10 Billion To Support UAE Industry In Partnership With MoIAT

First Abu Dhabi Bank (FAB) has renewed its strategic partnership with the Ministry of Industry and Advanced Technology (MoIAT). This collaboration, formalised through a Memorandum of Understanding (MoU), underscores FAB's commitment to supporting the UAE's industrial transformation. The agreement was signed during the Make it in the Emirates Forum at the Abu Dhabi National Exhibition Centre.

The MoU, signed by Omar Al Suwaidi from MoIAT and Fahad Al Shaer from First Abu Dhabi Islamic Finance, includes representatives from several banks. These include Emirates NBD Group, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank Group, and Wio Bank. This partnership aims to boost industrial investments in the region.

FAB has pledged an additional AED5 billion in financing solutions for industrial enterprises. This follows the early fulfilment of its initial AED5 billion pledge under a 2023 agreement. The bank's total commitment to industrial sector financing now stands at AED10 billion since June 2023.

The expanded funding will support various stages of growth for businesses, from startups and SMEs to larger manufacturers. Emphasis is placed on innovation, sustainability, and advanced technology adoption. This initiative aligns with the Made in the UAE strategy and aims to attract significant investment into the industrial sector.

Osama Amir Fadhel from MoIAT highlighted that financial enablers are crucial for industrial growth. He stated, "MoIAT and its strategic partners remain committed to driving the growth and competitiveness of the industrial sector and enhancing its investment appeal." The sector's contribution to GDP is expected to reach AED210 billion by 2024.

Futoon Hamdan AlMazrouei from FAB expressed pride in supporting the UAE’s economic agenda. She noted that there is strong demand from entrepreneurs and manufacturers for financing solutions. "We remain committed to delivering smart, accessible, and sustainable financing that enables businesses to scale," she said.

Driving Economic Diversification

This renewed partnership is part of FAB's mission to drive national development through financial solutions that benefit businesses and communities. The bank's framework includes structured lending, capital investment, business expansion support, and green financing tailored for SMEs and high-growth ventures.

FAB will continue collaborating with MoIAT on knowledge-sharing initiatives that enhance competitiveness. As a key player in powering industrial growth, FAB supports the UAE’s goal of doubling its industrial sector’s GDP contribution within a decade.

The synergy between government initiatives like Make it in the Emirates and financial institutions like FAB accelerates progress towards economic diversification. By providing innovative financing solutions, FAB helps empower industrial companies and supports sustainable growth across various sectors.

With inputs from WAM