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Banks (Finance)

UAE Ministry of Industry and Advanced Technology Secures Over AED 40 Billion in Bank Partnerships for Industrial Innovation

Strategic Insights

— 1 min read

The UAE Ministry of Industry and Advanced Technology (MoIAT) has secured over AED 40 billion in bank partnerships to drive industrial innovation, with five Memoranda of Understanding (MoUs) signed between the ministry and leading national banks. These partnerships aim to stimulate investments in industry and advanced technology, offer tailored financing for small and medium-sized enterprises (SMEs), and strengthen strategic public-private partnerships. The initiative supports the UAE's broader objectives for industrial growth and sustainable economic development, fostering entrepreneurship, encouraging the adoption of advanced technologies, and supporting the expansion of industrial enterprises across the UAE.

Key Takeaways:

  • MoIAT has secured over AED 40 billion in bank partnerships to drive industrial innovation, with five MoUs signed between the ministry and leading national banks: First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and WIO Bank.
  • The partnerships aim to stimulate investments in industry and advanced technology, offer tailored financing for SMEs, and strengthen strategic public-private partnerships.
  • The initiative supports the UAE's broader objectives for industrial growth and sustainable economic development, fostering entrepreneurship, encouraging the adoption of advanced technologies, and supporting the expansion of industrial enterprises across the UAE.
  • His Excellency Omar Al Suwaidi, Undersecretary of MoIAT, represented the ministry in the signing of the MoUs.
  • Signatories from the partner banks included top executives from First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and WIO Bank.
  • The partnerships underscore MoIAT's commitment to enabling financial access and innovation within the industrial sector, fostering entrepreneurship, and encouraging the adoption of advanced technologies.
  • The MoUs are designed to enable sustainable industrial growth, aligned with the UAE's vision of a diversified, knowledge-based economy driven by innovation.

Statistics:

  • AED 40 billion in bank partnerships secured by MoIAT to drive industrial innovation.
  • Five Memoranda of Understanding (MoUs) signed between MoIAT and leading national banks.
  • Five partner banks: First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and WIO Bank.
  • Over AED 1 billion in working capital to be extended by WIO Bank to eligible corporates and SMEs.
  • Competitive financing solutions exceeding AED 40 billion to support the development and expansion of the UAE's industrial sector.

Sources:

  • Emirates NBD Bank (P.J.S.C.)
  • UAE Ministry of Industry and Advanced Technology

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