Mashreq Bank has allocated an additional AED1 billion in financing solutions to enhance the country’s industrial sector’s growth and support its competitiveness and productivity.
The financing facility aligns with the objectives of the UAE’s National Strategy for Industry and Advanced Technology, Operation 300bn.
“Our partnership with the Ministry of Industry and Advanced Technology represents an important step towards building a prosperous and sustainable future for the industry in the UAE,” said Joel Van Dusen, Head of the Corporate and Investment Banking Group at Mashreq.
“Providing competitive financing to industrial companies enhances productivity and supply chain flexibility, opening new horizons for investment and growth in vital economic sectors.”
The funding stimulates industrial companies in the country by enabling them with additional financing solutions under the umbrella of the “Make it in the Emirates” (MIITE) initiative. It also dovetails with the Ministry of Industry and Advanced Technology’s (MoIAT) commitment to enhance collaboration between the public and private sectors to support the industrial sector’s contribution to the GDP.
Omar Al Suwaidi, MoIAT Under-Secretary, said that the ministry continues to collaborate with strategic partners to provide enablers and incentives to support the growth and competitiveness of the UAE’s industrial sector.
Last year, Mashreq provided AED 970 million in financing to industrial companies of various sizes to enhance growth, expansion, and competitiveness.
