KHALEEJ TIMES, Saturday, Jun 03, 2023 | Thul-Qidah 14, 1444
UAE ministry, FAB partnership to offer Dh5 billion financing solutions to investors
Emirates:
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.
“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.