The Ministry of Industry and Advanced Technology (MoIAT) has signed a memorandum of understanding (MoU) with Mashreq to initiate a partnership aimed at driving the growth of the manufacturing industry in the country.
The move is part of the ministry’s Make it in the Emirates initiative that seeks to attract industrialists, investors, innovators, and entrepreneurs from to leverage the UAE’s unique value proposition and set up base in the country. It also supports Operation 300bn which aims to position the UAE as a global industrial hub and boost the contribution of the manufacturing sector to the country’s GDP.
Under the terms of the agreement, Mashreq will promote sustainable growth in vital industrial sectors by providing its comprehensive suite of competitive financing solutions as well as advisory and banking services to local and foreign stakeholders in this field. In addition, Mashreq will allocate a fund of AED 1 Billion for the industrial sector in the country.
The MoU was signed by H.E. Osama Amir Fadhel, Assistant Undersecretary of Industry Accelerators Sector at the Ministry of Industry and Advanced Technology, and Joel Van Dusen, Senior Executive Vice President, Head of Corporate and Investment Banking Group at Mashreq, during the forum, currently underway at Abu Dhabi Energy Center. The signing was witnessed by H.E. Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology. The two-day forum, organized by MoIAT, in conjunction with the Abu Dhabi Department of Economic Development [ADDED] and Abu Dhabi National Oil Company [ADNOC]. The event brought together the largest industrial companies and enablers from across the UAE to share their procurement plans and explore ways to translate them into local manufacturing investment opportunities.
Mashreq will provide its financing solutions, including Shari’ah-compliant products, with the aim of encouraging the application of advanced technology in the industrial sector to reduce its carbon footprint. The solutions include green loans and bonds, sustainability-linked loans and bonds, transitional loans and bonds, social loans, trade finance, structured finance, and capital investments.
Mashreq will also make its advanced digital banking proposition available to manufacturing companies and build a custom application interface to offer tailored money management solutions and advice. In addition, the Bank will support the ESG supply chain financing program, finance business expansion plans, and promote growth in the exports of UAE companies through the Mashreq Global Network.
The partnership will benefit companies of all sizes – from SMEs to large corporates. Among the target clients are food manufacturing companies affiliated with the UAE Food and Beverage Business Group.
