MoIAT partners with Mashreq

  • Date: 02-Jun-2023
  • Source: Zawya
  • Sector:Industrial
  • Country:UAE
  • Who else needs to know?

MoIAT partners with Mashreq

Collaboration supports Make it in the Emirates campaign, Operation 300bn and the UAE Net Zero 2050 strategic initiative

Abu Dhabi, UAE: 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 aimed at driving 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 from to leverage the UAE’s unique value proposition and set up base in the country. It also supports Operation 300bn which aims to position the UAE as a global industrial hub and boost the contribution of the manufacturing sector 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

The MoU was signed by H.E. Osama Amir Fadhel, Assistant Undersecretary of Industry Accelerators Sector at the Ministry of