UAE’s FAB unites with GMIS to boost SMEs access to finance

By Shilpa Annie Joseph, Desk Reporter
  • Follow author on
Representational Image

The Global Manufacturing and Industrialization Summit (GMIS) has entered into a partnership with the largest bank in the UAE, First Abu Dhabi Bank (FAB) to explore the latest trends and opportunities to improve access to finance for small and medium enterprises (SMEs).

In addition, the partnership will help achieve sustainable industrial growth globally and regionally. According to the statement, FAB will collaborate with the GMIS to highlight the SME sector’s economic potential and innovation capabilities to support industrial development, as well as advance the UAE’s digitalization progress as it prepares for the next 50 years.

The GMIS-FAB collaboration will also emphasize the relevance of “green finance,” which refers to financial products and services that have the potential to provide long-term environmental benefits.

Hana Al Rostamani
Hana Al Rostamani
Group CEO – FAB

“The UAE’s industrial and manufacturing base is future-focused and increasingly oriented towards global success. As the sector enters a new phase of development, financial institutions will continue to play a decisive role in advising, diversifying, and propelling the UAE’s home-grown high-tech industries forward. By working collaboratively, we are ensuring that these industries can compete in a global marketplace and that they can contribute to building a sustainable national economy. At FAB, we are leveraging our industry expertise, global networks, and innovative solutions to unlock new possibilities for the UAE’s makers.”

Mr. Badr Al Olama, Head of the GMIS Organizing Committee said, “GMIS is committed to facilitating SMEs access to global markets, creating a culture of entrepreneurship, and promoting advanced digital capabilities in the industrial sector through collaborations and partnerships with governments, businesses, and international bodies.”

“We are delighted to welcome FAB into our partner network, and look forward to joining forces with them to highlight the growing need of developing cutting-edge financing solutions to create a thriving SME ecosystem. The FAB-GMIS partnership will also enable us to promote innovation and excellence across the UAE’s manufacturing ecosystem, and accelerate sustainable economic growth in the years to come,” added Mr. Al Olama.

According to the reports, GMIS 2021 will be conducted in conjunction with the six-day GMIS Week from November 22 to 27 at Expo’s Dubai Exhibition Centre.

Related: UAE’s Finance Ministry transfers its eDirham platform to CBUAE