The Ministry of Industry and Advanced Technology has signed a memorandum of understanding with First Abu Dhabi Bank under which the bank will provide AED5 billion ($1.36 billion) worth of competitive financing solutions to local and foreign investors in the industrial and advanced technology sectors to support “Make in the UAE” initiative.
Under the memorandum, the bank will provide structured finance solutions, capital investments, financing business expansion plans, green finance, financing for start-ups and small and medium-sized companies, and support these companies by providing financial advice related to the industry.
According to the source, the MoU strengthens support for small and medium-sized enterprises by providing financial and industry advice, sharing data, experience and expertise in areas of cooperation, and the participation and support of the Ministry of Industry. and advanced technology, according to WAM.
According to the agency, the agreement aims to provide financial solutions with competitive rates of return and flexible maturities, joint promotion of industrial investments in the UAE, and participation of the bank in a complementary industrial partnership between the UAE, Egypt, Jordan and Bahrain by introducing the bank’s clients to the partnership, encouraging them to provide industrial projects, in addition to providing financing solutions for partner projects.