Mashreq Bank, a leading financial institution in the region, has announced that it has allocated an additional AED1 billion ($272 million) in financing solutions to enhance the industrial sector's growth in the UAE and support its competitiveness and productivity. 

 

This aligns with the objectives of the National Strategy for Industry and Advanced Technology, Operation 300Bn, said the bank in a statement.

 

This new step stimulates industrial companies in the country by enabling them with additional financing solutions under the umbrella of "Make it in the Emirates" (MIITE) initiative. 

 

It also reflects the Ministry of Industry and Advanced Technology's (MoIAT) commitment to enhancing collaboration between the public and private sectors and financial institutions to support the industrial sector's contribution to the UAE's GDP, it stated.

 

Last year, Mashreq Bank had provided AED970 million in financing to industrial companies of various sizes to enhance growth, expansion, and competitiveness in sectors such as food and beverages, metal industries, and building materials and construction.

 

Omar Al Suwaidi, MoIAT Under-Secretary, emphasised that the ministry continues to collaborate with strategic partners to provide enablers and incentives to support the growth and competitiveness of the UAE's industrial sector. 

 

"These efforts support our strategic directions, including the development of AI applications, technological transformation, sustainability, and innovation, which reflect on enhancing productivity and competitiveness," he added.

 

Al Suwaidi noted that competitive financing for the industry supports the strategic directions, which include expanding the ministry's initiatives and programmes.

 

"We announced in the third edition of MIITE Forum of offering 2,000 off take products for local manufacturing. In addition, we launched the AI Innovation Programme, Transform 4.0 to support 100 high-potential manufacturers in digitalisation, creating a group of Industry 4.0 (I4.0) lighthouses over the next three to five years. These efforts and expansions require supportive and enabling financing solutions," he added.

 

Joel Van Dusen, Head of the Corporate and Investment Banking Group at Mashreq Bank, said: "Our partnership with the ministry represents an important step towards building a prosperous and sustainable future for the industry in the UAE."

 

"Providing competitive financing to industrial companies enhances productivity and supply chain flexibility, opening new horizons for investment and growth in vital economic sectors," he added.-TradeArabia News Service