MoIAT Secures Over AED 40 Billion In Bank Partnerships To Enhance UAE's Industrial Innovation

Dr. Sultan bin Ahmed Al Jaber, the UAE's Minister of Industry and Advanced Technology, observed the signing of five significant Memoranda of Understanding (MoUs). These agreements were made between the ministry and major national banks: First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and WIO Bank. The MoUs aim to provide over AED40 billion in competitive financing solutions to bolster the UAE's industrial sector.

The MoUs are designed to encourage investment in industry and advanced technology. They offer specialised financing for small and medium-sized enterprises (SMEs) and strengthen public-private partnerships. This initiative aligns with the UAE’s broader goals for industrial growth and sustainable economic development.

Omar Al Suwaidi, Under-Secretary of the Ministry of Industry and Advanced Technology (MoIAT), represented the ministry during these signings. The bank representatives included Fahad Al Shaer from First Abu Dhabi Islamic Finance, Abdullah Al Shamsi from ADCB, Ala’a Eraiqat from Abu Dhabi Commercial Bank Group, Mohammed Abdelbary from Abu Dhabi Islamic Bank, Hisham Al Qassim from Emirates NBD Group, and Jayesh Patel from WIO Bank.

Al Suwaidi emphasised the importance of these MoUs in aiding SMEs by enhancing their capacity to grow and adopt advanced technologies. He stated that these efforts significantly contribute to the National Strategy for Industry and Advanced Technology.

Al Suwaidi remarked, "The MoUs signed with the leading national banks today reaffirm our commitment to empowering the industrial sector through strategic collaboration with top financial institutions. These innovative financing solutions are designed to enable sustainable industrial growth, aligned with the UAE’s vision of a diversified, knowledge-based economy driven by innovation."

He further noted the essential role of national banks in improving business environments by providing flexible financial solutions. This collaboration reflects a strong synergy between government initiatives and financial institutions in advancing economic resilience.

Bank Leaders' Perspectives

Mohamed Abdulbari from Abu Dhabi Islamic Bank expressed commitment to supporting UAE’s industrial growth through ethical financing. He said, "This MoU reflects our commitment to the growth of the UAE’s industrial and SME sectors through ethical, Sharia-compliant financing." Abdulbari highlighted their role in delivering banking solutions that align with national priorities.

Hana Al Rostamani from First Abu Dhabi Bank shared enthusiasm about strengthening ties with MoIAT. She stated that their AED 5 billion commitment will support various industrial enterprises. "FAB is proud to strengthen its partnership with the Ministry of Industry and Advanced Technology (MoIAT) as we advance the next chapter of the UAE’s industrial development," she added.

Strategic Partnerships

Ala’a Eraiqat from ADCB expressed pride in supporting Make it in the Emirates initiative. He said it reflects UAE's vision for a diversified economy driven by innovation. "ADCB is a proud supporter of Make it in the Emirates," he mentioned while committing to unlocking opportunities that serve national aspirations.

Shayne Nelson from Emirates NBD highlighted their expertise in identifying companies that can contribute to UAE’s economic vision. He said, "Make it in the Emirates initiative is a unique project that will greatly benefit the industrial aspirations of the UAE for many years to come."

Wio Bank's Role

Jayesh Patel from Wio Bank spoke about supporting Make It in the Emirates through digital banking capabilities. He said they aim to provide up to AED1 billion in working capital for eligible businesses. "The UAE is strengthening its position as a leading destination for advanced industries," Patel noted while discussing their role in enabling smarter access to financial services.

The collaborative efforts between MoIAT and these banks underscore a shared vision for an innovation-driven economy. By facilitating access to tailored financial solutions, this initiative aims at empowering businesses across various sectors within the UAE's dynamic industrial landscape.

With inputs from WAM