Abu Dhabi: First Abu Dhabi Bank (FAB) has announced the renewal of its strategic partnership with the Ministry of Industry and Advanced Technology (MoIAT), reinforcing its crucial role in the UAE's industrial transformation through a Memorandum of Understanding (MoU).
According to Emirates News Agency, this agreement, formalised at the Make it in the Emirates Forum, signifies the bank's total commitment of AED10 billion to the industrial sector since June 2023. The renewed MoU follows the early fulfilment of FAB's initial AED5 billion financing pledge under the 2023 agreement. FAB will now extend an additional AED5 billion in competitive, flexible financing to support industrial enterprises at various growth stages, emphasizing innovation, sustainability, and advanced technology adoption.
The MoU was signed by Omar Al Suwaidi, Undersecretary of MoIAT, and Fahad Al Shaer, CEO of First Abu Dhabi Islamic Finance, along with representatives from other national banks. This milestone underlines FAB's support for the National Strategy for Industry and Advanced Technology and the Made in the UAE initiative, aiming to attract significant investment and foster a robust industrial ecosystem.
Osama Amir Fadhel, Assistant Undersecretary, Industrial Accelerator Sector at MoIAT, highlighted the ministry's commitment to driving industrial growth and competitiveness through financial enablers, incentives, and opportunities. The sector's contribution to GDP is projected to reach AED210 billion by the end of 2024.
Futoon Hamdan AlMazrouei from FAB emphasized the bank's dedication to the UAE's economic agenda and industrial vision, noting the strong demand from entrepreneurs and manufacturers. FAB's financing framework includes structured lending, capital investment, and green financing, with a focus on supporting SMEs and high-growth ventures.
This renewed partnership is a key element of FAB's mission to drive national development and economic diversification. As the UAE's largest bank, FAB remains a leader in powering the country's industrial growth, aligned with a visionary government agenda and strong public-private collaboration.