The UAE’s Ministry of Industry and Advanced Technology or MoIAT has been quoted by local reports as saying that a AED700-million ($190 million) financing package has been allocated to the nation’s industrial sector by the Emirates Development Bank since the beginning of 2021.
The ministry made the announcement during the third day of the of the Global Manufacturing and Industrialization Summit or GMIS Week taking place at Expo 2020’s Dubai Exhibition Centre, said the local reports.
The package was reportedly made available to industrial companies in five priority sectors: industry, technology, healthcare, food security and infrastructure.
The intention was to finance expansion operations and the integration of advanced technologies, said the local reports.
As part of EDB’s strategy, which was unveiled earlier this year, the bank is said to have allocated direct and indirect financial packages to SMEs, startups, and corporates in the priority industrial sectors.
Within the remit of this strategy, EDB supports more than 13,500 companies.
This announcement was said to be part of the strategic partnership between the ministry and EDB to implement the National Strategy for Industry and Advanced Technology, make a qualitative leap in the performance of the UAE’s industrial sector and drive industry’s transition to 4IR applications and solutions.
The financing was reportedly designed to enhance the performance and productivity of the industrial sector and support the objectives of the ministry and the bank.