MoIAT partners with FAB to provide AED5 bn financing to investors in industrial sectors

MoIAT partners with FAB to provide AED5 bn financing to investors in industrial sectors

ABU DHABI, 1st June, 2023 (WAM) -- The Ministry of Industry and Advanced Technology (MoIAT) and First Abu Dhabi Bank (FAB) today entered a partnership by signing a Memorandum of Understanding (MoU) on the sidelines of the ‘Make it in the Emirates Forum’.

Themed “Investment, Sustainability, Growth”, the forum takes place at the Abu Dhabi Energy Centre in Abu Dhabi from 31st May to 1st June.

The collaboration will provide exceptional and competitive financing solutions worth AED5 billion to both local and foreign investors in the industrial and advanced technology sectors, supporting the Make it in the Emirates initiative.

The MoU was signed in the presence of Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, by Omar Al Suwaidi, Under-Secretary of the Ministry of Industry and Advanced Technology, and Hana Al Rostamani, Group CEO of FAB.

The MoU aims to support SMEs by offering industry-related advice, data sharing, and collaboration expertise.

Through the 'Make it in the Emirates' initiative, MoIAT ensures competitive financing solutions with favorable profit rates and flexible repayment periods to promote investments in the country’s industrial sector. Moreover, FAB’s involvement in the integrated industrial partnership