The UAE Ministry of Industry and Advanced Technology (MoIAT) and the First Abu Dhabi Bank (FAB) have entered into a partnership by signing a Memorandum of Understanding (MoU) on the sidelines of the Make it in the Emirates Forum, themed ‘Investment, Sustainability, Growth’.
The collaboration will provide exceptional and competitive financing solutions worth $1.4 billion to both local and foreign investors in the industrial and advanced technology sectors, supporting the Make it in the Emirates initiative.
The MoU was signed in the presence of His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Her Excellency Sarah bint Yousif Al Amiri, Minister of State for Public Education and Advanced Technology. It was signed by His Excellency Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, and Ms. Hana Al Rostamani, Group CEO of FAB.
The MoU aims to support SMEs by offering industry-related advice, data sharing, and collaboration expertise. Through the Make it in the Emirates initiative, MoIAT ensures competitive financing solutions with favorable profit rates and flexible repayment periods to promote investments in the country’s industrial sector.
Moreover, FAB’s involvement in the integrated industrial partnership between the UAE, Egypt, Jordan, and Bahrain will facilitate the introduction of customers to the partnership and encourage the provision of industrial projects and financing solutions for partnership projects.
Mr. Omar Al Suwaidi, Undersecretary, MoIAT
“In offering flexible financing solutions to companies in the industrial and advanced technology sectors, including startups, emerging companies and SMEs, we aim to provide key enablers and incentives that drive the growth and competitiveness of the industrial sector. This aligns with the objectives of the National Strategy for Industry and Technology and the Make It in the Emirates initiative, which seeks to drive the sustainable development of national industries. At MoIAT, we remain committed to nurturing strategic partnerships that deliver competitive financing solutions, foster the development of the national industrial sector and attract foreign investments to the sector.”
Under the memorandum, FAB will offer competitive financing solutions to support the adoption of advanced technology in the industrial sector. These solutions encompass structured financing, capital investments, business expansion financing, green financing, and support for startups and SMEs. Additionally, the bank will provide industry-specific financial advisory services to cater to the unique needs of these sectors.
Ms. Al Rostamani said that “Driven by a forward-thinking government agenda and effective collaboration between both public and private sectors, the UAE’s industrial sector is set to double its contribution to GDP in less than a decade. At FAB we’re a longstanding champion and strategic enabler of the UAE industry, and we’re proud to power the sector’s growth ambitions as well as the broader diversification of the UAE economy.
“By working with our partners MoIAT, FAB will deploy financial strength, innovative solutions, and trusted expertise to help unleash the UAE’s manufacturing potential and reinforce the Emirate’s status as a global manufacturing hub. By propelling startups, SMEs, and multinationals both FAB and MoIAT are forging a path for UAE industry to accelerate economic growth, diversification, and a sustainable future,” Ms. Al Rostamani added.
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