Abu Dhabi: Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, witnessed the signing of five Memoranda of Understanding (MoUs) between the ministry and a group of leading national banks: First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and WIO Bank. These agreements provide competitive financing solutions exceeding AED40 billion to support the development and expansion of the UAE's industrial sector.
According to Emirates News Agency, the MoUs are intended to stimulate investments in industry and advanced technology, offer tailored financing for small and medium-sized enterprises (SMEs), and strengthen strategic public-private partnerships. This initiative supports the UAE's broader objectives for industrial growth and sustainable economic development.
Omar Al Suwaidi, Under-Secretary of the Ministry of Industry and Advanced Technology (MoIAT), represented the ministry. Signatories from the partner banks included Fahad Al Shaer, CEO of First Abu Dhabi Islamic Finance; Abdullah Al Shamsi, ADCB's Group Chief Business Officer; Ala'a Eraiqat, Group CEO of Abu Dhabi Commercial Bank Group; Mohammed Abdelbary, Group CEO of Abu Dhabi Islamic Bank; Hisham Al Qassim, Vice Chairman and Managing Director of Emirates NBD Group; and Jayesh Patel, CEO of WIO Bank.
These partnerships underscore MoIAT's commitment to enabling financial access and innovation within the industrial sector. The initiative is designed to foster entrepreneurship, encourage the adoption of advanced technologies, and support the expansion of industrial enterprises across the UAE.
Al Suwaidi stated, "The MoUs signed with the leading national banks today reaffirm our commitment to empowering the industrial sector through strategic collaboration with top financial institutions. These innovative financing solutions are designed to enable sustainable industrial growth, aligned with the UAE's vision of a diversified, knowledge-based economy driven by innovation."
He highlighted the crucial role of the MoUs in supporting SMEs by improving their ability to scale, adopt advanced technologies, and contribute significantly to the National Strategy for Industry and Advanced Technology. Al Suwaidi added that the collaboration reflects a robust synergy between the government and the financial sector in advancing the UAE's economic resilience and sustainability.
Mohamed Abdulbari, Group CEO of Abu Dhabi Islamic Bank, emphasized the ethical, Sharia-compliant financing being offered, aligning with national development priorities. Hana Al Rostamani, Group CEO of First Abu Dhabi Bank, expressed pride in extending tailored, competitive financing to support industrial enterprises.
Ala'a Eraiqat, ADCB Group CEO, reiterated the bank's commitment to contributing to a resilient industrial ecosystem, while Shayne Nelson, Group CEO of Emirates NBD, highlighted the alignment of the initiative with shared strategic objectives. Jayesh Patel, CEO of Wio Bank PJSC, emphasized the role of digital banking capabilities in supporting growth in the UAE's industrial sector.