UAE secures $11bn in finance to drive industrial innovation
UAE's Ministry of Industry and Advanced Technology (MoIAT) has signed agreements with a group of leading national banks - First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank and WIO Bank - to secure finance worth over AED40 billion ($10.8 billion) in bank partnerships to drive industrial innovation.
These agreements, inked in the presence of Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, provide competitive financing solutions to support the development and expansion of the UAE's industrial sector.
The MoUs are intended to stimulate investments in industry and advanced technology, offer tailored financing for small and medium-sized enterprises (SMEs), and strengthen strategic public-private partnerships.
This initiative supports the UAE's broader objectives for industrial growth and sustainable economic development, it stated.
Omar Al Suwaidi, Undersecretary of MoIAT, represented the ministry. Signatories from the partner banks included Fahad Al Shaer, CEO of First Abu Dhabi Islamic Finance, Abdullah Al Shamsi, ADCB's Group Chief Business Officer; Ala'a Eraiqat, Group CEO of Abu Dhabi Commercial Bank Group; Mohammed Abdulbari, Group CEO of Abu Dhabi Islamic Bank; Hisham Al Qassim, Vice Chairman and Managing Director. of Emirates NBD Group; and Jayesh Patel, CEO of WIO Bank.
These partnerships underscore MoIAT's commitment to enabling financial access and innovation within the industrial sector.
The initiative is designed to foster entrepreneurship, encourage the adoption of advanced technologies, and support the expansion of industrial enterprises across the UAE.
Al Suwaidi said: "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 stated.
He highlighted the crucial role of the MoUs in supporting SMEs by improving their ability to scale, adopt advanced technologies, and contribute significantly to the National Strategy for Industry and Advanced Technology.
"We highly value the crucial role of national banks in enhancing the business environment and enabling industry access to flexible, impactful financial solutions. This reflects a robust synergy between the government and the financial sector in advancing the UAE's economic resilience and sustainability," Al Suwaidi added.
On his part, Abdulbari said: "This MoU reflects ADIB's commitment to the growth of the UAE's industrial and SME sectors through ethical, Sharia-compliant financing. We are proud to collaborate with MoIAT to deliver innovative banking solutions that align with national development priorities and help businesses scale up with confidence."
"By supporting the Make it in the Emirates initiative, we are contributing to a more diversified and competitive industrial base, underpinned by advanced technology and empowered by strategic investment. ADIB remains committed to delivering practical, value-driven financial solutions that empower businesses to grow, innovate, and succeed," he stated.
First Abu Dhabi Bank Group CEO Hana Al Rostamani said through this renewed AED5 billion commitment, we will extend tailored, competitive financing to support the full spectrum of industrial enterprises from emerging startups to large manufacturers driving growth across the sector.
"Surpassing our previous commitment reflects both the strength of the national industrial base and FAB's ability to deploy capital with impact. Together with MoIAT, we are championing an innovation-driven industrial ecosystem that will power the UAE's long-term competitiveness and regional leadership in advanced manufacturing," he added.
On the deal, Eraiqat said ADCB was a proud supporter of Make it in the Emirates, an ambitious reflection of the UAE's bold vision for a diversified, innovation-driven economy.
"As a financial institution deeply rooted in this nation's progress, we view it as both our responsibility and privilege to contribute to shaping a resilient industrial ecosystem that drives long-term value," he noted.
"We remain committed to working collaboratively with our partners to help unlock opportunities that serve both national aspirations and create enduring value for future generations," he added.
Emirates NBD Group CEO Shayne Nelson 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 and we are proud to partner with the ministry."
"Our expertise, experience and specialised knowledge of the UAE's economic and industrial landscape means Emirates NBD is well placed to identify, engage, and empower companies, from startups to established firms, that have the product and potential to contribute to the nation's economic vision," he stated.
Patel said Wio Bank was proud to support the drive to Make It in the Emirates through its partnership with MoIAT, combining its digital banking capabilities with the ministry's mission to accelerate industrial innovation and diversification.
"The UAE is strengthening its position as a leading destination for advanced industries, with tremendous growth in manufacturing as global businesses expand and invest locally," he stated.
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