UAE ministries partner with FAB to provide investors with AED5 billion financing solutions – News

It aims to support SMEs by providing industry-relevant advice, data sharing and collaborative expertise

Omar Al Suwaidi, Hana Al Rostamani, Dr. Sultan bin Ahmed Al Jaber and Sarah bint Yousif Al Amiri after signing the MoU. – Photos provided

The Ministry of Industry and Advanced Technology (MoIAT) and First Abu Dhabi Bank (FAB) have entered into a partnership to provide local and foreign investors in the industrial and advanced technology sector with outstanding and competitive financing solutions.

On the sidelines of the Make it in the Emirates forum, Omar Al Suwaidi, Deputy Minister of Industry and Advanced Technology, and Hana Al Rostamani, CEO of FAB Group, signed a Memorandum of Understanding (MoU) in the presence of the Minister of Industry and Advanced Technology Dr. Sultan bin Ahmed Al Jaber and Sarah bint Yousif Al Amiri, Minister of State for Public Education and Advanced Technology.

The MoU aims to support SMEs by providing industry-relevant advice, data sharing and collaborative expertise. Through the Make it in the Emirates programme, MoIAT ensures competitive financing solutions with favorable margins and flexible repayment terms to facilitate investment in the country’s industrial sector.

“In providing flexible financing solutions to companies in the industrial and advanced technology sectors, including start-ups, emerging companies and SMEs, we aim to provide the key enablers and incentives that drive growth and competitiveness in the industrial sector,” Al Suwaidi said.

“This is in line with the goals of the National Industrial and Technology Strategy and the UAE initiative aimed at promoting the sustainable development of the national industry. At MoIAT, we remain committed to fostering strategic partnerships, providing competitive financing solutions, and promoting the development of the national industrial sector. development, and to attract foreign investment into the sector.”

He highlighted the importance of competitive financing solutions in supporting the Ministry’s strategic initiatives, noting that they not only facilitate the development of industrial projects, but also encourage entrepreneurs and companies to take advantage of innovative financing mechanisms that are in line with the strengthening of industrial sector in the country.

Additionally, FAB’s participation in an integrated industrial partnership between the UAE, Egypt, Jordan and Bahrain will help bring in customers for the partners and encourage industrial projects and financing solutions for joint projects.

“Working with our partner MoIAT, FAB will deploy financial strength, innovative solutions and trusted expertise to help unlock the UAE’s manufacturing potential and strengthen the UAE’s position as a global manufacturing hub,” said Hana Al Rostamani.

According to the memorandum, FAB will provide competitive financing solutions to support the adoption of advanced technologies in the industrial sector. These solutions include structured financing, capital investment, business expansion financing, green financing and support for start-ups and SMEs.

“By promoting start-ups, SMEs and multinational corporations, FAB and MoIAT are blazing a path for UAE industry to accelerate economic growth, diversification and a sustainable future,” Al Rostamani added.

In addition, the bank will offer industry-specific financial advisory services to meet the unique needs of those industries.