The UAE Ministry of Industry and Advanced Technology has enhanced its support for the industrial sector with a financing package worth approximately 4.9 billion dollars, in partnership with national banks and financial institutions, aiming to facilitate industrial companies’ access to finance and accelerate their expansion.

The financing is distributed as approximately 2.72 billion dollars from Mashreq Bank over five years, about 545 million dollars from Dubai Islamic Bank, and approximately 1.63 billion dollars allocated by the Emirates Development Bank within its existing partnership with the ministry.

These financings aim to facilitate industrial companies’ access to financial solutions that help them increase production, adopt advanced technology, strengthen supply chains, and expand into markets.

Hasan Jassim Al Nowais, Undersecretary of the Ministry of Industry and Advanced Technology, said that these partnerships reflect the ministry’s direction to translate the industrial strategy into actionable steps by strengthening cooperation with national financial institutions to support sustainable industrial growth and enhance the resilience of supply chains.

Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, added that the financing of approximately 1.63 billion dollars reflects the bank’s commitment to supporting the UAE industrial sector with facilitated and competitive financing solutions that help companies expand, enhance their competitiveness, and enter new markets.

The agreements include solutions such as green loans, green bonds, sustainability-related loans and bonds, supply chain financing, and trade finance, alongside consulting and financial services.

These efforts are part of the national strategy for industry and advanced technology, “Project 300 Billion,” which aims to increase the industrial sector’s contribution to GDP to about 81.7 billion dollars by 2031.