The UAE’s industrial sector has experienced remarkable growth in financing thanks to both government initiatives and private enterprise. This push is instrumental in the UAE’s ‘Operation 300 Billion’ strategy, which seeks to transform the country’s industrial sector, increasing its contribution to the GDP from $36bn to $82bn by 2031.
Key institutions like Emirates Development Bank, Khalifa Fund for Enterprise Development, and Mohammed Bin Rashid Establishment for SME Development have been instrumental in driving this progress, with their accessible financing solutions and training programs empowering entrepreneurs and supporting SMEs.
According to the Central Bank of the UAE, banks contributed $1.5bn in funding to the manufacturing sector during the first nine months of 2024, pushing total loans to a record $26bn. This represents a 6.2% increase since the end of 2023 and a 37% growth over the past decade.
Gulf Economist Staff Writer