First Abu Dhabi Bank (FAB) has renewed its strategic partnership with the Ministry of Industry and Advanced Technology (MoIAT), signing a Memorandum of Understanding (MoU) to further support the UAE’s industrial transformation. The agreement, finalized during the Make it in the Emirates Forum at Abu Dhabi National Exhibition Centre, increases FAB’s total commitment to AED 10 billion for industrial sector financing since June 2023.
The new MoU builds on FAB’s initial AED 5 billion financing pledge from 2023, which was fulfilled ahead of schedule. Under this renewed agreement, FAB will provide an additional AED 5 billion in flexible financing solutions aimed at supporting industrial enterprises, from startups and SMEs to larger manufacturers. The focus will be on innovation, sustainability, and advanced technology adoption.
The memorandum was signed by His Excellency Omar Al Suwaidi, Undersecretary of MoIAT, and Fahad Al Shaer, CEO of First Abu Dhabi Islamic Finance. Representatives from Emirates NBD Group, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank Group, and Wio Bank were also present.
His Excellency Osama Amir Fadhel commented on the importance of these agreements: “The agreements with financial institutions come as part of MoIAT’s commitment to strengthening the financial empowerment of industrial sector and offering innovative financing solutions to promote industrial entrepreneurship.”
FAB’s expanded pledge is intended to attract more investment into the industrial sector and develop a robust ecosystem aligned with the Made in the UAE initiative. The bank aims to foster significant investment while supporting joint promotion efforts for regional industrial investments.
Fadhel emphasized that “financial enablers are key pillars” for growth in the sector: “These partnerships with national financial institutions mark a significant milestone in SMEs, enhancing their capacity to expand, adopt advanced technology.”
FAB’s financing framework includes structured lending, capital investment support, business expansion assistance, and green financing options tailored specifically for SMEs and high-growth ventures. The bank will also continue collaborating with MoIAT on sharing financial expertise and fostering innovation.
This partnership is part of FAB’s broader mission to contribute to national development through financial solutions that create lasting value for businesses and communities. With a visionary government agenda driving public-private collaboration, the UAE’s industrial sector aims to double its GDP contribution within a decade. As a leading financial institution in the region, FAB remains committed to powering national progress through economic diversification.
