UAE introduces new financing solutions for defense industries

UAE introduces new financing solutions for defense industries

ABU DHABI, 21st February 2023 (WAM) -- UAE-based SMEs in the industrial sector will soon be able to access new financing solutions and enablers following a memorandum of understanding (MoU) signed at IDEX and NAVDEX 2023.

The MoU between the Ministry of Industry and Advanced Technology (MoIAT), Tawazun Industrial Park (TIP) and the Emirates Development Bank (EDB) was signed on the side-lines of the defense exhibition.

In line with the Make it in the Emirates initiative, the MoU aims to attract industrial investors to strategic sectors such as defense by providing a package of incentives and benefits. It will ultimately support the sustainable development of the industrial sector and help provide an attractive business environment for local and international investors, as well as incentivize the use of advanced technologies in industrial solutions.

The MoU was signed by Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, Eng. Faiz Saleh Al Nahdi, CEO of the Tawazun Industrial Park, and Ahmed Mohammed Al Naqbi, CEO of the Emirates Development Bank, in the presence of His Excellency Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, Major General Dr. Mubarak