UAE’s Mashreq Bank has allocated an additional AED1 billion ($272.25 million) in financing solutions to support the growth and competitiveness of the UAE’s industrial sector. This aligns with the objectives of the National Strategy for Industry and Advanced Technology, Operation 300Bn.
“Make it in the Emirates” initiative receives financing boost
This new initiative aims to stimulate industrial companies in the country by providing them with additional financing options under the “Make it in the Emirates” (MIITE) program. It reflects the Ministry of Industry and Advanced Technology’s (MoIAT) commitment to enhancing collaboration between the public and private sectors, as well as with financial institutions, to bolster the industrial sector’s contribution to the UAE’s GDP.
Ongoing partnership between MoIAT and Mashreq Bank
This announcement builds upon the ongoing partnership between MoIAT and Mashreq Bank, which was established during the “Make it in the Emirates 2023 Forum.” At the forum, Mashreq Bank had previously committed to providing AED1 billion in financing for industrial companies.
Financing support for industrial companies
In 2023, Mashreq Bank provided AED970 million in financing to industrial companies of various sizes, enabling them to enhance growth, expansion, and competitiveness in sectors such as food and beverages, metal industries, and building materials and construction.
MoIAT’s collaboration with strategic partners
MoIAT Under-Secretary, Omar Al Suwaidi, emphasized that the ministry continues to collaborate with strategic partners to provide enablers and incentives that support the growth and competitiveness of the UAE’s industrial sector. This aligns with the objectives of Operation 300Bn, enhancing the attractiveness of industrial investment under the MIITE initiative and the National In-Country Value Program.
Aligning financing solutions with strategic directions
Al Suwaidi further noted that competitive financing for the industry supports the ministry’s strategic directions, which include the development of AI applications, technological transformation, sustainability, and innovation. Additionally, these efforts contribute to enhancing productivity and competitiveness within the industrial sector.
Expanding initiatives and programs
He also highlighted that the ministry’s recent announcements, such as offering 2,000 off-take products for local manufacturing and launching the AI Innovation Program and Transform 4.0 to support 100 high-potential manufacturers in digitalization, require supportive and enabling financing solutions.
Commitment to industrial growth
Joel Van Dusen, head of the Corporate and Investment Banking Group at Mashreq Bank, stated that the partnership with MoIAT represents an important step towards building a prosperous and sustainable future for the industry in the UAE. Providing competitive financing to industrial companies enhances productivity and supply chain flexibility, opening new horizons for investment and growth in vital economic sectors.
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