The UAE has announced a five-year plan to provide over $10.89bn in financing support for industrial companies through a coalition of national banks. The move aims to boost the competitiveness and expansion of the country’s industrial sector.
Participating banks include Emirates Development Bank (EDB), First Abu Dhabi Bank, Mashreq, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank and Wio Bank.
The funding will be directed towards enhancing innovation, sustainability, and production capacity across key industries. The initiative also includes the launch of the Emirates Growth Fund, a new $272m investment platform that will support SMEs operating in priority sectors such as manufacturing, healthcare, food security, and advanced technology.
Gulf Economist Staff Writer