Latest news with #SultanBinAhmedAlJaber
Gulf Today
20-05-2025
- Business
- Gulf Today
MoIAT secures over Dhs40 billion in bank partnerships to drive industrial innovation
Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, witnessed the signing of five Memoranda of Understanding (MoUs) between the ministry and a group of leading national banks: First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and WIO Bank. These agreements provide competitive financing solutions exceeding Dhs40 billion 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. Omar Al Suwaidi, Undersecretary of Ministry of Industry and Advanced Technology (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 Abdelbary, 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 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,' AI Suwaidi added. On his part, Mohamed Abdulbari Group Chief Executive Officer at Abu Dhabi Islamic Bank (ADIB) said: 'This MoU reflects our 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." Hana Al Rostamani, Group Chief Executive Officer at First Abu Dhabi Bank (FAB) said: '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. Through this renewed Dhs 5 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.' Ala'a Eraiqat, ADCB Group Chief Executive Officer, said: 'ADCB is 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. 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." On his part, Shayne Nelson, Group CEO of Emirates NBD, 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. Emirates NBD is proud to partner with the Ministry of Industry and Advanced Technology on an initiative of such great importance and scope, particularly one that fully aligns with our shared strategic, investment, and development objectives.' He added: '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. Make it in the Emirates is an exciting initiative that will drive growth, welcome investors, and shape the UAE's role as an advanced, dynamic hub for manufacturing, industry and innovation.' Jayesh Patel, CEO of Wio Bank PJSC, said: "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. We are proud to support the drive to Make It in the Emirates through our partnership with MoIAT, combining Wio Bank's digital banking capabilities with the ministry's mission to accelerate industrial innovation and diversification. Through this initiative, Wio aims to extend up to Dhs 1 billion in working capital to eligible corporates and SMEs, and in doing so, enabling smarter access to financial services and supporting the growth of high-impact technology-driven enterprises that are vital to the UAE's economic transformation.'
Gulf Today
11-05-2025
- Business
- Gulf Today
MoIAT launches ‘Make it in the Emirates' national campaign
Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, witnessed the nationwide launch of a national campaign under the 'Make it in the Emirates' platform to promote UAE-made products. The initiative, led by the Ministry of Industry and Advanced Technology (MoIAT), brings together nine of the UAE's leading retail and e-commerce platforms to amplify the presence of locally manufactured products, both in-store and online annually. Running throughout May, the campaign will feature prominently in the lead-up to Make it in the Emirates 2025. Participating partners – Adnoc Distribution, Noon, Tradeling, Grandiose, Talabat, Carrefour, Lulu, Union Coop, and Spinneys – will offer prominent shelf space and dedicated digital storefronts for local products backed by a comprehensive suite of incentives for manufacturers. These incentives include registration fee exemptions, free digital advertising, tailored onboarding support and customer service, logistics and storage support for up to three months, product registration assistance, and the production of promotional videos for social media. The initiative features an annual promotional campaign in collaboration with leading retailers and e-commerce platforms. Participating partners will offer a range of incentives, including prominent product placement on digital platforms, dedicated shelf space in stores, training programmes, fee waivers throughout the campaign period, and complimentary digital advertising. New manufacturers will benefit from additional support, such as the creation of free online storefronts, exemption from storage and logistics fees for up to three months, assistance with product registration through relevant authorities, and social media promotion support. A Memorandum of Understanding (MoU) was signed between the ministry and campaign partners, represented by Omar Al Suwaidi, Under-Secretary of MoIAT; Engineer Bader Al Lamki, CEO of Adnoc Distribution; Mansoor Al Ghurair, CEO of Noon; Mohamed Al Hashemi, CEO of Union Coop; Günther Helm, CEO of Majid Al Futtaim – Retail, Dr. Mussaab Aboud, CEO of Grandiose; Saifee Rupawala, CEO of Lulu Retail; Pedram Assadi, COO of Talabat; Sunil Kumar, CEO of Spinneys; and Alastair Croker, CEO of Tradeling. Al Suwaidi said, 'This campaign aligns with the ministry's efforts to enhance collaboration with manufacturers and suppliers across the UAE. This public-private sector collaboration is a pillar of the country's attractive business environment. It also supports the competitiveness of local companies, which benefit from a favorable investment climate, as well as enablers and incentives under the umbrella of Make it in the Emirates.' Al Suwaidi added, 'This new initiative reflects the ministry's commitment to raising consumer awareness about the quality of UAE-made products. The campaign falls within MoIAT's initiatives aligned with the UAE's Year of Community 2025 by encouraging people to buy local.' Al Lamki said, 'Adnoc Distribution is proud to join the Make it in the Emirates national campaign alliance led by MoIAT, which marks a strategic public-private partnership to support and promote locally made products. Through this collaboration, we are providing a range of incentives for local manufacturers, including dedicated display spaces for UAE-made products at Adnoc Distribution Oasis.' Al Hashemi said, 'Our partnership with MoIAT underscores a shared vision to enhance the competitiveness of UAE-made products and build a thriving industrial and commercial ecosystem. Every dirham spent on local goods is an investment in our economic resilience and national self-sufficiency.' Günther Helm, Chief Executive Officer at Majid Al Futtaim – Retail, commented, 'We're proud to partner with the Ministry of Industry and Advanced Technology to support the UAE's vision for a more diversified and resilient economy. This MoU will help boost the presence of locally made products on our shelves, empower domestic manufacturers, and strengthen the local supply chain, all in line with the Make it in the Emirates initiative.' He added, 'As a regional retail leader, Majid Al Futtaim remains committed to championing local businesses, advancing sustainable development, and contributing to a thriving manufacturing sector, building a more self-reliant and prosperous future for the UAE.' Faraz Khalid, CEO, Noon, said, 'We're proud to partner with the Ministry of Industry and Advanced Technology to support the Make it in the Emirates initiative. Building locally, at scale, is exactly the kind of ambition we believe in. The UAE is an incredible launchpad for businesses — a nation that champions bold ideas and believes deeply in the power of its local economy.' WAM
Gulf Today
02-05-2025
- Business
- Gulf Today
Masdar completes acquisition of Greece's firm Terna Energy
Abu Dhabi Future Energy Company (Masdar), the UAE's clean energy leader, announced on Friday its subsidiary Terna Energy has completed its delisting from the Athens Stock Exchange, following Masdar's acquisition of 100 per cent of the company's stock last month. A delegation led by Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Chairman of Masdar, together with Chief Executive Officer Mohamed Jameel Al Ramahi, toured Terna Energy's Athens headquarters and met employees from across the organisation. They held strategic discussions with Terna Energy Executive Chairman Georgios Peristeris, the first since the acquisition, centred on Masdar's strategy to expand the business and accelerate renewable energy growth in Southeastern and Central Europe. Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Chairman of Masdar, said, 'Bringing Terna Energy into the Masdar family strengthens our position in Greece and the wider region, enabling us to expediate the growth of renewable energy solutions and unlock the investment needed to empower nations to achieve their clean energy targets. This acquisition also demonstrates the commitment of both the UAE and Masdar to bringing affordable, secure and sustainable energy to all.' Through the acquisition, Masdar will simultaneously support Greece's National Energy and Climate Plan, the EU's ambition to reach net zero emissions by 2050, and advance its own global target of achieving 100 gigawatts (GW) of clean energy capacity by 2030. Terna Energy is targeting an operational portfolio capacity of 6GW by 2030 and will be supported by Masdar's long-term capital and global expertise. Mohamed Jameel Al Ramahi, Masdar CEO, said, 'With TERNA ENERGY now delisted from the Athens Stock Exchange, we can maximise and leverage the combined expertise and experience of both workforces to accelerate the implementation of clean energy projects in Greece and across the region. By establishing TERNA ENERGY as our flagship platform for the region, we will both support our own renewable energy objectives and drive energy transformation in Europe.' Georgios Peristeris, Chairman and CEO of GEK Terna and Executive Chairman of TERNA ENERGY, said, 'The delisting of Terna Energy following its acquisition by Masdar marks the full integration of the two companies, creating a strong platform for accelerated growth based on their shared commitment to clean, affordable, and domestically produced energy. As part of Masdar's global network, Terna Energy is now ideally positioned to expand its leadership in the renewable energy sector in Greece and the wider region'. The delisting from ATHEX follows a productive first quarter for Terna Energy, which has seen the continuation of construction on key projects in Greece and Bulgaria, including the Amphilochia plant, one of largest pumped storage hydropower projects in Europe, and Masdar's first pumped hydro project in the region. The business has also reached final investment decisions on new solar, wind and battery projects with combined capacity of 250MW. These plants are due to be operational within the next two years. Masdar acquired 70 per cent of Terna Energy from GEK Terna SA and other shareholders in November last year, in a deal that gave the company an enterprise value of 3.2 billion euros – the biggest energy transaction on the Athens Stock Exchange at the time, and one of the largest in the EU renewables industry. An all-cash mandatory tender offer (MTO) and squeeze-out process for the remaining 30 percent of the company, at a price of 20 euros per share, was completed last month. In March, Masdar announced an agreement with Endesa S.A. to acquire a 49.99 per cent stake in four solar plants in Spain, with a total capacity of 446 megawatts (MW). The transaction, which is subject to regulatory approvals and other conditions, would see Masdar invest Dhs702 million (€184 million) for the stake in the assets, which have an enterprise value of Dhs1.4 billion (€368 million). These operating assets mark a significant milestone in Masdar's continued growth in the Iberian Peninsula and across Europe, and further its commitment to advancing the region's renewable energy ambitions. The proposed acquisition follows last year's agreement between Masdar and Endesa to partner in a portfolio of over 2GW of solar assets, with the potential to add 0.5GW of battery storage, in one of Spain's biggest renewable energy transactions in recent years. Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: 'This acquisition further reflects Masdar's commitment to supporting Europe's decarbonisation goals and advancing the global energy transformation. It also marks another significant step in our strategic expansion in the Iberian Peninsula and Europe, adding to our growing portfolio on the continent. Strengthening our partnership with Endesa positions us to unlock new renewable energy opportunities across Europe and beyond, while driving sustainable growth and boosting prosperity.' WAM
Gulf Today
10-02-2025
- Business
- Gulf Today
Qatar and Turkey join regional Integrated Industrial Partnership
The fifth meeting of the Higher Committee for Integrated Industrial Partnership for Sustainable Economic Development held in Doha. The meetings of the Higher Committee announced the accession of Qatar and Turkey to the Integrated Industrial Partnership for Sustainable Economic Development, increasing the number of member states to seven within just three years of the partnership's launch. This significant addition enhances the strategic development of the partnership, which originated in Abu Dhabi in 2022, and reflects the shared ambition of member countries to improve industrial integration, strengthen cooperation, and build a resilient, competitive, and sustainable economy. The meeting was attended by several key officials, including: Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology; Sheikh Faisal Bin Thani Bin Faisal Al Thani, Minister of Commerce and Industry in the State of Qatar; Yarub Falah Al Qudah, Minister of Industry, Trade and Supply in the Hashemite Kingdom of Jordan; Lieutenant General Engineer Kamel Al Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport in the Arab Republic of Egypt; Abdulla Bin Adel Fakhro, Minister of Industry and Commerce in the Kingdom of Bahrain; Ryad Mezzour, Minister of Industry and Trade of the Kingdom of Morocco; and Mehmet Fatih Kaçir, Minister of Industry and Technology of the Republic of Turkey. The inclusion of Qatar and Turkey marks a pivotal advancement in regional industrial integration. Their accession supports the partnership's objectives for industrial growth and expansion, bringing new momentum due to Qatar's abundant natural resources and technological advancements, as well as Turkey's robust industrial capabilities. Both countries are recognised for their strengths in various sectors, including manufacturing industries, renewable energy, textiles and ready-made garments, pharmaceutical industries, chemical fertilisers and phosphates, mining and minerals, and food industries. During the meeting, several agreements were signed, and strategic projects valued at over US$2 billion were announced, aimed at enhancing collaboration among member countries in critical sectors such as metals, pharmaceuticals, and plastic industries. These initiatives also prioritise the development of healthy food industries, biotechnology innovation, and advancements in electrical and high-tech industries. Key announcements included a raw material supply agreement between Bahrain Steel and Qatar, valued at $1.3 billion. This agreement will facilitate the supply of 5 million metric tons of raw materials over the course of five years. Additionally, a Memorandum of Understanding was signed between the UAE's ISC Capital and Bahrain's Peninsula farms to establish a sustainable microalgae production facility in the Kingdom, with an investment of $10 million. This project aims to advance microalgae production technology and provide industrial and medical solutions, aligning with Bahrain's Economic Vision 2030. Furthermore, it is expected to create job opportunities in areas such as research, agriculture, extraction, laboratory work, and production, contributing to the local economy and workforce development. Another significant announcement involved Egypt's Giza Cable Accessories's plan to establish a new facility in the UAE dedicated to producing cable accessories and electrical connectors, with an investment of nearly US$7 million. Additional agreements were finalised for the supply of PET plastic containers from Jordan's Exceed Industries and plastic caps from Egypt's Delta El Nile to UAE's Hayatna - National Dairy, each valued at US$10 million. Furthermore, a $15 million agreement was signed for the supply of animal feed from the UAE's National Feed Factory (NFFM) to Qatar's Al Rayyan Horse Essentials. In the pharmaceutical sector, key agreements included a collaboration between the UAE's Globalpharma and Morocco's Zenith Pharma to manufacture, licence, and transfer technology in areas such as injectable medications, biologics, and treatments for cholesterol and diabetes. This partnership, with an investment exceeding $50 million, aims to strengthen regional pharmaceutical security and enhance the capacity for local production of medical solutions. To enhance regional investments, the UAE's Mubadala Investment Company has announced the acquisition of two factories – Adwia Pharmaceuticals in Egypt and PHI in Morocco. This move significantly bolsters Mubadala's pharmaceutical investments on both a regional and global scale. Additionally, a MoU was signed between Morocco's Dolidol and the UAE's Intercoil. This collaboration aims to expand manufacturing capabilities for mattresses and foam production in the UAE. During the Higher Committee meetings, a comprehensive review of the partnership's achievements was conducted. Omar Al Suwaidi, Secretary-General of the tripartite higher committee and Undersecretary of the Ministry of Industry and Advanced Technology in the UAE, presented a detailed report outlining the outcomes, which included the successful implementation of strategic projects and support for vital sectors across member countries. The meeting also provided updates on ongoing projects and discussed the future work plan, aimed at further enhancing regional cooperation and contributing to sustainable development. Member countries reviewed their competitive advantages, which include advanced infrastructure, supportive policies, and investment incentives designed for investors. They highlighted promising investment opportunities in strategic sectors, demonstrating the commitment of the partnership's countries to attract industrial investments and create a favourable investment environment that fosters regional economic integration. Four industrial companies were honoured by the attending ministers for their significant contributions in supporting the Integrated Industrial Partnership for Sustainable Economic Development: The UAE's Global Pharma and Jordan's Savvy Pharma were recognised for their outstanding efforts in pharmaceutical research and development among member countries. Emirates Steel and Bahrain Steel were acknowledged for their essential role in the supply of raw materials, as agreed in the previous Higher Committee meeting held in Bahrain in January 2024. Dr. Al Jaber began his speech by extending greetings from President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, and conveying his wishes for continued success in achieving the shared goals of the partnership's countries. He emphasised that this partnership embodies a unified vision focused on enhancing sustainable economic development and strengthening complementary relations among member countries by leveraging their competitive advantages and the significant potential of the partnership. Dr Al Jaber also expressed his gratitude to Qatar for hosting the fifth Higher Committee meeting and welcomed the inclusion of Qatar and Türkiye into the partnership, highlighting their roles in advancing the collective goals of the initiative. Dr. Al Jaber said, 'We welcome the inclusion of Qatar and Türkiye in the Integrated Industrial Partnership for Sustainable Economic Development, and we are confident that this step will bolster the common interests of all members, especially considering the industrial and economic standing of both countries. Their extensive track record of success across various sectors, particularly in the industrial field, plays a crucial role in supporting investment opportunities both regionally and globally.' He also expressed gratitude to the Executive Committee and the working teams from the member countries for their dedicated efforts in overseeing the implementation of work plans, reviewing the latest project developments, and organising workshops for the private sector. He noted that these efforts have led to tangible progress in achieving the partnership's objectives and fostering cooperation among member countries. Dr. Al Jaber added, 'The Integrated Industrial Partnership for Sustainable Economic Development is a remarkable success story that began in Abu Dhabi in May 2022. It has already transformed several agreements signed during previous meetings into tangible projects that we are now witnessing come to fruition. We are pleased to observe today the announcement of several new projects and agreements in key priority sectors, valued at over US$2 billion.' He emphasised that these projects contribute to the integration of expertise and capabilities among the partnership's countries, helping to build a sustainable common industrial base by leveraging each country's competitive advantages. Furthermore, these initiatives support supply chain resilience, reduce production costs, foster research and development, enhance the qualification of national competencies, and create thousands of job opportunities. Ultimately, they contribute to achieving the strategic goals of the partnership while fostering industrial growth and regional cooperation. Sheikh Al Thani said, 'The Integrated Industrial Partnership for Sustainable Economic development represents a strategic step towards enhancing industrial collaboration and integration among our countries by aligning key industrial sectors and establishing joint initiatives that contribute to improving the competitiveness and sustainability of the industrial sector.' He added, 'Qatar joining the partnership is a significant leap that reflects our strong commitment to enhancing industrial cooperation within the region. We are confident that this partnership will play a fundamental role in supporting sustainable development efforts by providing outstanding investment opportunities and fostering cooperation within the private sector. Moreover, Qatar's substantial economic potential and smart infrastructure will be instrumental in achieving the partnership's objectives and accelerating economic growth.'
