MoIAT, Tawazun Industrial Park and the Emirates Development Bank partner to offer new financing solutions for defense industry

MoIAT, Tawazun Industrial Park and the Emirates Development Bank partner to offer new financing solutions for defense industry

UAE-based SMEs in the industrial sector will soon be able to access new financing solutions and enablers following a MoU signed at IDEX and NAVDEX 2023 between the Ministry of Industry and Advanced Technology (MoIAT), Tawazun Industrial Park (TIP) and the Emirates Development Bank (EDB).

Under the MoU, MoIAT and TIP will provide incentives to attract industrial investments to the park in line with the UAE ministry’s efforts to create an attractive business environment for local and international investors, as well as stimulate innovation and the adoption of advanced technology in industry. EDB will provide flexible and competitive financing solutions such as green financing, financing capital expenditure, and financing start-ups and SMEs.

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.