The UAE’s industrial sector has seen notable growth in financing, supported by partnerships between government and private entities. This collaboration is central to achieving the ambitious goals of the “Operation 300 Billion” initiative, aimed at fostering industrial expansion and diversification.
Financial backing has been instrumental, as a robust industrial sector underpins sustainable economic growth. Data from the Central Bank of the UAE (CBUAE) reveals that AED 5.537B was allocated to the manufacturing sector in the first nine months of 2024, bringing total loans to a record AED 94.85B. This reflects a 6.2% rise from AED 89.315B at the end of 2023 and a 37% increase since 2015.
Institutions like the Emirates Development Bank (EDB), Khalifa Fund for Enterprise Development (KFED), and Mohammed Bin Rashid Establishment for SME Development are driving innovation-focused projects. Their financing solutions and training initiatives empower SMEs, fostering entrepreneurship and boosting competitiveness in the industrial sector.
EDB’s approach aligns with the UAE’s national strategy to position the country as a global industrial hub by 2031. Similarly, KFED and the Mohammed Bin Rashid Establishment provide tailored support to entrepreneurs, advancing industrial innovation and SME development.
Jamal Saleh, Director General of the UAE Banks Federation, noted the banking sector’s role in financing industrial projects to meet the needs of the Fourth Industrial Revolution and sustainability goals. He stated, “The industrial sector contributed over 11% to GDP in 2023 and offers significant growth opportunities under the Ministry of Industry and Advanced Technology frameworks.”