The UAE’s Ministry of Industry and Advanced Technology (MoIAT) has locked in a massive $4.9 billion financing package with top national banks to accelerate the country’s industrial sector. The initiative, announced at the fifth Make it in the Emirates event, is aimed squarely at expanding local manufacturing capacity and fortifying national supply chains.
Quick Facts
- Total Financing: $4.9 billion secured for the industrial sector.
- Core Goal: Boost manufacturing and strengthen supply chain resilience.
- Key Partners: MoIAT, Mashreq, Emirates Development Bank, Dubai Islamic Bank.
A Strategic Push for Economic Diversification
This financing agreement is a cornerstone of the UAE’s broader economic diversification agenda. The funds are designed to provide flexible and competitive capital for manufacturers of all sizes, enabling them to scale operations, integrate advanced technologies, and increase their global competitiveness.
Hasan Jasem Al Nowais, Undersecretary of MoIAT, commented, “These partnerships reflect our approach to translating industrial strategy into action at scale and speed, strengthening collaboration with leading national financial institutions to support sustainable industrial growth and enhance supply chain resilience.”
He added, “They mark an important step in enabling companies to grow, adopt advanced technologies, and contribute to the National Strategy for Industry and Advanced Technology, with financial institutions playing a vital role in aligning funding solutions with industrial priorities.”
National Banks Rally to Fuel Industrial Ambitions
The UAE’s leading financial institutions are playing a direct role in deploying the capital. Emirates Development Bank is committing $1.63 billion of the total package.
“The $1.63 billion financing underscores our commitment to strengthening the UAE’s industrial sector by offering accessible and competitive funding that supports growth, enhances competitiveness, and enables expansion into new markets,” said Ahmed Mohamed Al Naqbi, Chief Executive of Emirates Development Bank.
Dubai Islamic Bank will provide Sharia-compliant financing solutions. Saud Al Jassim, Head of Business Banking at the bank, noted that the agreement highlights the importance of public-private collaboration in achieving national industrial development goals.
Mashreq plans to offer a suite of financing tools, including green loans, sustainability-linked financing, and supply chain finance, along with advisory services. Ahmed Abdelaal, Group Chief Executive of Mashreq, affirmed the bank’s support for the UAE’s goal of increasing the industrial sector’s contribution to GDP to AED 300 billion ($81.7 billion) by 2031.
About The Ministry of Industry and Advanced Technology (MoIAT)
The Ministry of Industry and Advanced Technology (MoIAT) is the UAE federal government body responsible for driving the nation’s industrial development. It focuses on increasing the in-country value of local manufacturing, promoting the adoption of advanced technology, and fostering a diversified, knowledge-based economy in line with the UAE’s national strategy.
Source: Fast Company Middle East
