MoIAT secures over Dhs40b in bank tie-ups to drive industrial innovation

The MoUs are intended to stimulate investments in industry and advanced technology, offer tailored financing for SMEs and strengthen strategic public-private partnerships

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Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, witnessed the signing of five Memoranda of Understanding (MoUs) between the ministry and a group of leading national banks: First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and WIO Bank. These agreements provide competitive financing solutions exceeding Dhs40 billion to support the development and expansion of the UAE's industrial sector.

The MoUs are intended to stimulate investments in industry and advanced technology, offer tailored financing for small and medium-sized enterprises (SMEs), and strengthen strategic public-private partnerships. This initiative supports the UAE's broader objectives for industrial growth and sustainable economic development.

Omar Al Suwaidi, Undersecretary of Ministry of Industry and Advanced Technology (MolAT), represented the ministry. Signatories from the partner banks included Fahad Al Shaer, CEO of First Abu Dhabi Islamic Finance, Abdullah Al Shamsi, ADCB's Group Chief Business Officer Ala'a Eraiqat, Group CEO of Abu Dhabi Commercial Bank Group; Mohammed Abdelbary, Group CEO of Abu Dhabi Islamic Bank; Hisham Al Qassim, Vice Chairman and Managing Director. of Emirates NBD Group; and Jayesh Patel, CEO of WIO Bank.

These partnerships underscore MolAT’s commitment to enabling financial access and innovation within the industrial sector. The initiative is designed to foster entrepreneurship, encourage the adoption of advanced technologies, and support the expansion of industrial enterprises across the UAE.