The UAE’s Ministry of Industry and Advanced Technology (MoIAT) has signed agreements with major national banks – First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and WIO Bank – securing over AED40 billion (USD10.8 billion) in financing to boost industrial innovation and sectoral growth.
These agreements, formalised in the presence of Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, aim to offer competitive financing to support the development and expansion of the country’s industrial base. The strategic move is part of the UAE’s broader ambition to build a diversified, knowledge-based economy centred on innovation.
The memoranda of understanding (MoUs) are tailored to promote investment in advanced technology and manufacturing, with a particular focus on enabling small and medium-sized enterprises (SMEs) to access financial support. They also seek to deepen collaboration between the public and private sectors, thereby creating a more robust industrial ecosystem.
Omar Al Suwaidi, Undersecretary of MoIAT, represented the ministry, while senior executives from the partner banks were also present, including Fahad Al Shaer, Abdullah Al Shamsi, Ala’a Eraiqat, Mohammed Abdulbari, Hisham Al Qassim, and Jayesh Patel.
These partnerships reaffirm MoIAT’s commitment to facilitating innovation through improved financial accessibility and entrepreneurship. Al Suwaidi noted that the MoUs are instrumental in enabling SMEs to scale operations, adopt advanced technologies, and contribute meaningfully to the National Strategy for Industry and Advanced Technology.
He added that the financing solutions are specifically designed to encourage sustainable industrial development, aligned with the UAE’s long-term economic goals. The initiative strengthens the country’s position as a hub for industrial advancement, while fostering innovation and inclusive economic growth across various sectors.
