Mashreq Bank Commits $272.25 Million to Bolster UAE Industrial Sector

Mashreq Bank has allocated an additional AED1 billion in financing solutions to enhance the country's industrial sector's growth and support its competitiveness and productivity.

This aligns with the objectives of the National Strategy for Industry and Advanced Technology, Operation 300Bn.

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.

This is an extension of the ongoing partnership between MoIAT and Mashreq Bank during the "Make it in the Emirates 2023 Forum," during which the bank committed to providing AED1 billion in financing for industrial companies.

In 2023, Mashreq Bank 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. This aligns with the objectives of Operation 300Bn, enhancing the attractiveness of industrial investment under the MIITE initiative and the National In-Country Value Programme.

"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 stated.

He pointed out that innovative financing motivates industrial companies to expand their operations and integrate AI into production. This contributes to transforming factories into smarter and more efficient ones, enhancing the added value to the national economy, creating more growth opportunities for companies, and providing more quality jobs for Emirati talent in production and manufacturing.

Joel Van Dusen, Head of the Corporate and Investment Banking Group at Mashreq Bank, said, "Our partnership with the Ministry of Industry and Advanced Technology 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."

Rola AlGhoul / Ahlam Almazrooi