UAE Signs Dhs40bn Financing Deal to Boost Industrial Sector

The United Arab Emirates took a major step to strengthen its industrial sector on Tuesday, as the Ministry of Industry and Advanced Technology (MoIAT) signed five memoranda of understanding (MoUs) with leading national banks to provide more than Dhs40 billion ($10.9 billion) in competitive financing.

The agreements were signed in the presence of Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, as part of the UAE’s broader push to drive industrial growth, support small and medium-sized enterprises (SMEs), and promote sustainable economic development through advanced technologies.

Participating banks include First Abu Dhabi Bank (FAB), Emirates NBD, Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), and digital-first lender Wio Bank.

Omar Al Suwaidi, Under-Secretary of MoIAT, said the partnerships will enable industrial companies—especially SMEs—to scale operations and adopt advanced technologies. “These innovative financing solutions are designed to enable sustainable industrial growth, aligned with the UAE’s vision of a diversified, knowledge-based economy driven by innovation,” he said.

The financing initiative falls under the UAE’s Make it in the Emirates programme, which aims to encourage domestic manufacturing, foster entrepreneurship, and strengthen the country’s industrial capabilities in sectors such as clean energy and technology.

Under the agreements, each bank committed to targeted financing for industrial projects. FAB pledged Dhs5 billion, expanding its previous commitment. “This renewed Dhs5bn commitment will extend tailored, competitive financing to support the full spectrum of industrial enterprises—from emerging startups to large manufacturers,” said FAB’s Group CEO, Hana Al Rostamani.

ADCB CEO Ala’a Eraiqat said the bank was fully aligned with the goals of Make it in the Emirates, calling the initiative a bold reflection of the country’s ambition to create a resilient, innovation-driven economy.

Emirates NBD also reaffirmed its strategic support. “Make it in the Emirates is a unique project that will greatly benefit the industrial aspirations of the UAE for many years to come,” said Group CEO Shayne Nelson.

ADIB Group CEO Mohamed Abdelbary emphasised the role of ethical, Sharia-compliant financing in empowering industrial and SME businesses. “We are contributing to a more diversified and competitive industrial base,” he said.

Wio Bank, the UAE’s digital-first lender, pledged Dhs1 billion in working capital financing for eligible corporates and SMEs. CEO Jayesh Patel highlighted the bank’s goal to offer smarter access to financial services and support high-impact, tech-driven enterprises.

The initiative is seen as a key move toward boosting the UAE’s industrial competitiveness and enhancing the private sector’s role in the country’s economic transformation.