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ABU DHABI, 2nd June, 2023 (WAM) — The Ministry of Industry and Advanced Technology, MoIAT, has signed a Memorandum of Understanding (MoU) with Mashreq, one of the UAE’s leading financial institutions, to launch a partnership to boost the country’s manufacturing industry growth of.
The move is part of the ministry’s “Make in UAE” initiative, which aims to attract industrialists, investors, innovators and entrepreneurs to capitalize on the UAE’s unique value proposition and establish a base in the country. It also supports the “300 Billion Action” to position the UAE as a global industrial hub and increase the contribution of manufacturing to GDP.
Under the terms of the agreement, Mashreq will contribute to the sustainable growth of key industrial sectors by providing comprehensive and competitive financing solutions as well as consulting and banking services to local and foreign stakeholders in the sector. In addition, Mashreq will allocate AED 1 billion to the country’s industrial sector.
Osama Amir Fadhel, Assistant Undersecretary, Industry Accelerators Division, MoIAT, and Joel Van Dusen, Senior Executive Vice President, Head of Corporate and Investment Banking, Mashreq, signed a Memorandum of Understanding on the sidelines of the forum, which is currently underway at the Abu Dhabi Energy Center. The signing ceremony was witnessed by MoIAT Undersecretary Omar Al Suwaidi.
MoIAT co-organized the two-day forum with the Abu Dhabi Department of Economic Development (ADDED) and the Abu Dhabi National Oil Company (ADNOC). The event brought together the largest industrial companies and enablers from across the UAE to share their sourcing plans and explore ways to translate them into local manufacturing investment opportunities.
Al Suwaidi said: “This partnership will enable manufacturing companies and help them play a bigger role in the 300 billion initiative, as well as the UAE’s Net Zero 2050 strategic initiative. The ministry is committed to working with national financial institutions to enhance Its members empower the UAE’s industry and drive their digital transformation in line with national goals.”
Joel Van Dusen commented: “We are delighted to be working with and participating in the Ministry of Industry and Advanced Technology’s industrial transformation agenda, especially as we are one of the first banks in the UAE to partner with MoIAT to support manufacturing and the ‘Make in UAE’ agenda. According to its Environmental, Social and Governance (ESG) strategies, Mashreq is at the forefront of sustainable financing solutions that support corporates, enabling them to adopt climate-friendly practices. We are passionate about promoting sustainable and green manufacturing with our wide range of products and will It serves as one of the main drivers of economic diversification in the UAE.”
Mashreq will provide its financing solutions, including Shariah-compliant products, to encourage the adoption of advanced technologies in industry to reduce its carbon footprint. These solutions include green loans and bonds, sustainability-related loans and bonds, bridging loans and bonds, social loans, trade finance, structured finance and capital investment.
Mashreq will also offer its advanced digital banking services to manufacturing companies and build custom APIs to deliver tailored treasury management solutions and advice. Additionally, the bank will support ESG supply chain financing initiatives to fund business expansion plans and facilitate export growth for UAE companies through the Mashreq global network.
The partnership will benefit companies of all sizes, from SMEs to large enterprises. Target customers include food manufacturing companies belonging to the UAE Food and Beverage Business Group.
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