UAE’s MoIAT inks deals with banks for over Dhs40bn to boost industrial growth

The UAE’s Ministry of Industry and Advanced Technology (MoIAT) signed five memoranda of understanding (MoUs) on Tuesday with a consortium of leading national banks to provide more than Dhs40bn ($10.9bn) in competitive financing aimed at boosting the country’s industrial sector.

The agreements were signed in the presence of Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, as part of the government’s broader strategy to drive industrial growth, support small and medium-sized enterprises (SMEs), and promote sustainable economic development through advanced technologies.

The participating banks include First Abu Dhabi Bank (FAB), Emirates NBD, Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), and Wio Bank.

Speaking at the signing, Omar Al Suwaidi, Under-Secretary of MoIAT, said the partnerships will offer tailored financing instruments for industrial enterprises, particularly SMEs, enabling them to scale, innovate and integrate advanced technologies into their operations.

“The MoUs signed with the leading national banks today reaffirm our commitment to empowering the industrial sector through strategic collaboration with top financial institutions,” said Al Suwaidi. “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.”

The agreements are part of the UAE’s Make it in the Emirates initiative, launched to encourage domestic production, strengthen industrial capabilities, and foster entrepreneurship across sectors including manufacturing, clean energy, and technology.

Al Suwaidi emphasised the critical role of financial institutions in creating an enabling environment for industry, adding, “This reflects a robust synergy between the government and the financial sector in advancing the UAE’s economic resilience and sustainability.”

UAE banks pledge support

The agreements outline the financial institutions’ collective commitment to support the UAE’s industrial development through flexible and targeted financing products.

First Abu Dhabi Bank has pledged Dhs5bn in financing as part of its renewed commitment to the industrial sector.

“FAB is proud to strengthen its partnership with the Ministry of Industry and Advanced Technology as we advance the next chapter of the UAE’s industrial development,” said Hana Al Rostamani, group CEO of FAB. “This renewed Dhs5bn commitment will extend tailored, competitive financing to support the full spectrum of industrial enterprises—from emerging startups to large manufacturers.”

FAB’s new commitment surpasses its previous allocation, reflecting confidence in the sector’s potential and the strength of the national industrial base.

ADCB’s group CEO Ala’a Eraiqat said the bank is fully aligned with the “Make it in the Emirates” initiative, calling it an “ambitious reflection of the UAE’s bold vision for a diversified, innovation-driven economy.”

“As a financial institution deeply rooted in this nation’s progress, we view it as both our responsibility and privilege to contribute to shaping a resilient industrial ecosystem that drives long-term value,” he added.

Emirates NBD, which has played a key role in supporting UAE businesses, also reiterated its strategic commitment.

“Make it in the Emirates is a unique project that will greatly benefit the industrial aspirations of the UAE for many years to come,” said Shayne Nelson, Group CEO of Emirates NBD. “We are proud to partner with the Ministry on an initiative that fully aligns with our shared strategic, investment, and development objectives.”

Nelson added that the bank’s expertise and understanding of the UAE’s industrial ecosystem position it well to provide financing solutions that support both startups and established firms.

ADIB, one of the largest Sharia-compliant financial institutions in the region, affirmed its role in delivering ethical financing solutions for industrial businesses.

“This MoU reflects our commitment to the growth of the UAE’s industrial and SME sectors through ethical, Sharia-compliant financing,” said Mohamed Abdelbary, group CEO of ADIB. “By supporting the Make it in the Emirates initiative, we are contributing to a more diversified and competitive industrial base.”

He added that the bank’s partnership with MoIAT will deliver practical, value-driven financial solutions that empower businesses to innovate and grow.

Digital-first lender Wio Bank also joined the initiative, pledging up to Dhs1bn in working capital to eligible corporates and SMEs.

“The UAE is strengthening its position as a leading destination for advanced industries, with tremendous growth in manufacturing as global businesses expand and invest locally,” said Jayesh Patel, CEO of Wio Bank. “Through this initiative, Wio aims to enable smarter access to financial services and support the growth of high-impact technology-driven enterprises.”