Mashreq, DIB, EDB back UAE industry push with $4.9bln

KNABU DHABI: The Ministry of Industry and Advanced Technology (MoIAT) has secured AED18 billion in competitive financing to support industrial companies in scaling production, adopting advanced technologies, and strengthening supply chains.The financing package was announced during the fifth edition of Make it in the Emirates, with MoIAT signing memoranda of understanding with Mashreq Bank and Dubai Islamic Bank to provide AED10 billion over five years and AED2 billion, respectively. Emirates Development Bank (EDB) separately allocated AED6 billion under its ongoing partnership with the ministry.The agreements aim to offer flexible and competitive financing solutions to manufacturers of all sizes, supporting industrial expansion and investment while enhancing sector competitiveness.The agreements were signed by Osama Amir Fadhel, Assistant Under-Secretary for the Industrial Accelerators Sector at MoIAT, Saud Al Jassim, Head of Business Banking at Dubai Islamic Bank, and Joel D Van Dusen, Head of Corporate and Investment Banking Group at Mashreq, in the presence of Hasan Jasem Al Nowais, Under-Secretary of MoIAT.Al Nowais said, “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.“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,” he added.Mashreq Bank will provide a range of financial solutions, including green loans, sustainability-linked financing, supply chain finance, trade services, and advisory support to help industrial companies expand into global markets.Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, said, “The AED6 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.”Saud Al Jassim said the agreement highlights the importance of collaboration between government and banking sectors in supporting industrial development, noting that Dubai Islamic Bank will provide Sharia-compliant financing solutions to enhance operational efficiency and sector competitiveness.Ahmed Abdelaal, Group CEO of Mashreq, said the bank will deploy AED10 billion over five years through financing, supply chain solutions, and trade services, supporting the UAE’s goal of increasing the industrial sector’s contribution to GDP to AED300 billion by 2031.He added that Mashreq remains committed to supporting industrial companies with capital, advisory services, and global reach, building on its long-standing role in financing the UAE’s industrial sector.MoIAT said partnerships with national financial institutions remain central to driving industrial growth, localisation, and the development of a diversified, knowledge-based economy.Article Source: Emirates News Agency (WAM)Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.