Wed 24-11-2021 20:57 PM
DUBAI, 24th November, 2021 (WAM) -- During the third day of the of the Global Manufacturing and Industrialisation Summit (GMIS) Week that takes place at Expo 2020’s Dubai Exhibition Centre, the Ministry of Industry and Advanced Technology (MoIAT) announced that a AED700 million financing package has been allocated to the nation’s industrial sector by the Emirates Development Bank (EDB) since the beginning of 2021. The package was made available to industrial companies in five priority sectors – industry, technology, healthcare, food security and infrastructure – to finance expansion operations and the integration of advanced technologies.
This announcement is part of the strategic partnership between the ministry and EDB to implement the National Strategy for Industry and Advanced Technology, make a qualitative leap in the performance of the UAE’s industrial sector and drive industry’s transition to 4IR applications and solutions. The financing is designed to enhance the performance and productivity of the industrial sector and support the objectives of the ministry and the bank.
Omar Al Suwaidi, Undersecretary of MoIAT, said: "In line with our wise leadership’s vision and the development objectives of the UAE as part of Projects of the 50, the cooperation between MoIAT and EDB contributes to building the best and most dynamic economy in the world, enhances the UAE’s position as an industrial destination that attracts experts, talents and investors, and boosts the country’s digital and technological excellence."
He added: "The allocation of the first package of financing offered by EDB to industrial companies is strategically important, as it represents a practical step towards achieving the UAE government’s comprehensive vision to support the transition towards a diverse and resilient knowledge economy. This step will increase the productivity of the industrial sector and enhance its ability to attract foreign direct investment. The financing of the adoption of 4IR solutions will also stimulate sustainable economic growth in the country."
Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, said: "In light of our partnership with MoIAT, EDB’s priorities in the new strategy include enhancing the levels of financial support available to the economic and industrial sectors. This includes increasing direct facilities to support priority sectors and providing financing solutions to underserviced economic segments. Our financial support of more than AED700 million to UAE-based companies reflects the strong growth achieved since the launch of the strategy."
He added: "Our aim is to create a conducive ecosystem that contributes to achieving the vision of the leadership and the government’s directives to support a knowledge-based economy in the next decade so that the UAE becomes a global industrial hub."
As part of EDB’s strategy, which was unveiled earlier this year, the Bank allocated direct and indirect financial packages to SMEs, startups and corporates in priority industrial sectors. Within the remit of this strategy, EDB supports more than 13,500 companies.
Co-chaired by MoIAT and the United Nations Industrial Development Organization (UNIDO), the GMIS Week brings together leaders from the global manufacturing and technology communities to discuss, debate, and shape the future of manufacturing. This year’s edition witnessed the launch of many promising international initiatives.