ABU DHABI, 1st June, 2023 (WAM) -- The Ministry of Industry and Advanced Technology (MoIAT) and First Abu Dhabi Bank (FAB) today entered a partnership by signing a Memorandum of Understanding (MoU) on the sidelines of the 'Make it in the Emirates Forum'. Themed "Investment, Sustainability, Growth", the forum takes place at the Abu Dhabi Energy Centre in Abu Dhabi from 31st May to 1st June. The collaboration will provide exceptional and competitive financing solutions worth AED5 billion to both local and foreign investors in the industrial and advanced technology sectors, supporting the Make it in the Emirates initiative. The MoU was signed in the presence of Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, by Omar Al Suwaidi, Under-Secretary of the Ministry of Industry and Advanced Technology, and Hana Al Rostamani, Group CEO of FAB. 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 favorable profit rates and flexible repayment periods to promote investments in the country's industrial sector. 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. Under the MoU, 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. Additionally, the bank will provide industry-specific financial advisory services to cater to the unique needs of these sectors. Al Suwaidi said, "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. 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 utilize innovative financing mechanisms that align with the objectives of strengthening the industrial sector's role in the country. "These efforts support the ministry's objectives of enhancing the ease of doing business and creating an enabling environment for small and medium enterprises in the industrial sector," Al Suwaidi added. For her part, Hana Al Rostamani stated, "Driven by a forward thinking government agenda and effective collaboration between both public and private sectors, the UAE's industrial sector is set to double its contribution to GDP in less than a decade. At FAB we're a longstanding champion and strategic enabler of UAE industry, and we're proud to power the sector's growth ambitions as well as the broader diversification of the UAE economy. 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. 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." The forum is organised by MoIAT in partnership with the Abu Dhabi Economic Development Department (ADDED) and ADNOC. The Make it in the Emirates Forum is a prominent platform that unites decision-makers, government officials, private sector representatives, experts, entrepreneurs, financing institutions, and investors from the industrial sector. The event offers an opportunity for networking and the exchange of knowledge among members of the local and international industrial community while highlighting the potential for localizing products by redirecting local purchases into the national economy and giving priority to ICV-certified companies in the tenders. The overarching objective of the forum is to strengthen the role of the industrial sector in the country, contribute to sustainable economic development, and foster increased resilience of supply chains. Moreover, it offers a unique opportunity for leading national companies and manufacturers to establish partnerships and explore avenues for further growth and expansion. Additionally, the forum serves as a catalyst for the development of existing industries while showcasing growth prospects within future sectors.
Source: Emirates News Agency (WAM)