Mashreq Bank has announced a significant allocation of AED1 billion in financing solutions aimed at bolstering the growth and competitiveness of the UAE's industrial sector.
This initiative, part of the "Make it in the Emirates" (MIITE) program, aligns with the goals set forth in the National Strategy for Industry and Advanced Technology, Operation 300Bn.
The move underscores Mashreq Bank's commitment to supporting industrial companies across various sectors, including food and beverages, metal industries, and construction materials. In 2023 alone, the bank provided AED970 million in financing to foster expansion and enhance competitiveness within these key industries.
Omar Al Suwaidi, Under-Secretary of the Ministry of Industry and Advanced Technology (MoIAT), emphasized the strategic collaboration between the public and private sectors, as well as financial institutions, to drive economic growth. He highlighted the ministry's efforts under Operation 300Bn, aimed at increasing industrial investment attractiveness through initiatives like MIITE and the National In-Country Value Programme.
Al Suwaidi further elaborated on the ministry's commitment to technological transformation and sustainability through initiatives like the AI Innovation Programme and Transform 4.0. These efforts aim to integrate AI technologies into manufacturing processes, enhancing productivity and creating opportunities for Emirati talent in advanced manufacturing.
Joel Van Dusen, Head of Corporate and Investment Banking at Mashreq Bank, emphasized the partnership's role in building a sustainable future for UAE industries. He noted that competitive financing will empower industrial companies to innovate and expand, thereby contributing significantly to the national economy.
The collaboration between Mashreq Bank and MoIAT signals a pivotal step towards enhancing the UAE's industrial capabilities and reinforcing its position as a regional leader in advanced manufacturing and innovation.
News Source: Emirates News Agency
