The UAE Ministry of Industry and Advanced Technology (MoIAT) has unlocked AED18 billion ($4.90 billion) in competitive financing for the industrial sector to help manufacturers scale their production.

The ministry signed memoranda of understanding (MoUs) with Mashreq Bank and Dubai Islamic Bank to provide AED10 billion over five years and AED2 billion, respectively, while Emirates Development Bank separately allocated AED6 billion, bringing the total to AED18 billion as part of its ongoing partnership with MoIAT. 

Signed at the fifth and largest edition of Make it in the Emirates (MIITE), the UAE’s flagship industrial platform, the agreements will provide access to competitive and flexible financing solutions to help companies of all sizes increase production and adopt advanced technologies while stimulating investment and strengthening supply chains.

The agreements were signed on behalf of MoIAT by Eng Osama Amir Fadhel, Assistant Undersecretary for the Industrial Accelerators Sector; Saud Al Jassim, Head of Business Banking at Dubai Islamic Bank; and Joel D Van Dusen as its new Head of Corporate and Investment Banking Group, in the presence of Hasan Jasem Al Nowais, Undersecretary of MoIAT, alongside senior officials and representatives from the banking and industrial sectors. 

Al Nowais said: “These partnerships reflect our approach to translating industrial strategy into action at scale and speed — strengthening ties with leading national financial institutions to support sustainable industrial growth and enhance supply chain resilience.

“The partnerships mark an important step forward in strengthening companies' ability to grow, adopt advanced technologies, and contribute to the objectives of the National Strategy for Industry and Advanced Technology. National financial institutions play a vital role in enabling the industrial sector, particularly through credit guarantees, and aligning their financial products with industrial and trade policies.”

Mashreq Bank will provide green loans, green bonds, sustainability-linked loans and bonds, supply chain financing programs, as well as trade finance services and financial advisory support. These offerings aim to support the growth of national industrial exports through the bank's international network. The agreement also includes financial awareness and advisory services to help industrial enterprises boost their readiness for global markets. – TradeArabia News Service