MoAIT and Mashreq join forces with a AED1bn fund to boost UAE’s industrial sector, investment ecosystem

MoAIT and Mashreq join forces with a AED1bn fund to boost UAE’s industrial sector, investment ecosystem

ABU DHABI, 2nd June, 2023 (WAM) -- The Ministry of Industry and Advanced Technology (MoIAT) has signed a Memorandum of Understanding (MoU) with Mashreq, one of the leading financial institutions in the UAE, to initiate a partnership to drive the growth of the manufacturing industry in the country.

The move is part of the ministry’s “Make it in the Emirates” initiative that seeks to attract industrialists, investors, innovators, and entrepreneurs to leverage the UAE’s unique value proposition and set up base in the country. It also supports “Operation 300bn” to position the UAE as a global industrial hub and boost the manufacturing sector's contribution to the country’s GDP.

Under the terms of the agreement, Mashreq will promote sustainable growth in vital industrial sectors by providing its comprehensive suite of competitive financing solutions as well as advisory and banking services to local and foreign stakeholders in this field. In addition, Mashreq will allocate a fund of AED 1 billion for the industrial sector in the country.

Osama Amir Fadhel, Assistant Under-Secretary of the Industry Accelerators Sector at MoIAT, and Joel Van Dusen, Senior Executive Vice President, Head of the Corporate and Investment Banking Group at Mashreq, signed the MoU during the forum, currently underway