During the third day of the Global Manufacturing and Industrialisation Summit (GMIS) Week that takes place at Expo 2020’s Dubai Exhibition Centre, the Ministry of Industry and Advanced Technology (MoIAT) announced that a AED700 million financing package has been allocated to the nation’s industrial sector by the Emirates Development Bank (EDB) since the beginning of 2021. The package was made available to industrial companies in five priority sectors – industry, technology, healthcare, food security and infrastructure – to finance expansion operations and the integration of advanced technologies.

This announcement is part of the strategic partnership between the ministry and EDB to implement the National Strategy for Industry and Advanced Technology, make a qualitative leap in the performance of the UAE’s industrial sector and drive industry’s transition to 4IR applications and solutions. The financing is designed to enhance the performance and productivity of the industrial sector and support the objectives of the ministry and the bank.

Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, said: “In light of our partnership with MoIAT, EDB’s priorities in the new strategy include enhancing the levels of financial support available to the economic and industrial sectors. This includes increasing direct facilities to support priority sectors and providing financing solutions to underserviced economic segments. Our financial support of more than AED700 million to UAE-based companies reflects the strong growth achieved since the launch of the strategy.”

He added: “Our aim is to create a conducive ecosystem that contributes to achieving the vision of the leadership and the government’s directives to support a knowledge-based economy in the next decade so that the UAE becomes a global industrial hub.”