UAE ministry, FAB partnership to offer Dh5 billion financing solutions to investors

It aims to support SMEs by offering industry-related advice, data sharing, and collaboration expertise

by

Ashwani Kumar

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Top Stories

Omar Al Suwaidi, Hana Al Rostamani, Dr Sultan bin Ahmed Al Jaber and Sarah bint Yousif Al Amiri after signing the MoU. — Supplied photo
Omar Al Suwaidi, Hana Al Rostamani, Dr Sultan bin Ahmed Al Jaber and Sarah bint Yousif Al Amiri after signing the MoU. — Supplied photo

Published: Thu 1 Jun 2023, 9:22 PM

The Ministry of Industry and Advanced Technology (MoIAT) and First Abu Dhabi Bank (FAB) have entered a partnership to provide exceptional and competitive financing solutions worth Dh5 billion to both local and foreign investors in the industrial and advanced technology sectors.

On the sidelines of the Make it in the Emirates forum, a memorandum of understanding (MoU) was inked by Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, and Hana Al Rostamani, Group CEO of FAB, in the presence of Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Sarah bint Yousif Al Amiri, Minister of State for Public Education and Advanced Technology.


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 favourable profit rates and flexible repayment periods to promote investments in the country’s industrial sector.

“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,” Al Suwaidi said.


ALSO READ:

“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.”

He emphasised the importance of competitive financing solutions in supporting the ministry’s strategic initiatives, pointing out that they not only facilitate the development of industrial projects but also encourage entrepreneurs and companies to utilise innovative financing mechanisms that align with the objectives of strengthening the industrial sector’s role in the country.

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.

“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 Emirates status as a global manufacturing hub,” Hana Al Rostamani said.

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.

“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,” Al Rostamani added.

Additionally, the bank will provide industry-specific financial advisory services to cater to the unique needs of these sectors.



More news from Business