The Ministry of Industry and Advanced Technology (MoIAT) has successfully secured over AED 40 billion in bank partnerships aimed at fostering industrial innovation in the UAE. Dr. Sultan bin Ahmed Al Jaber, the Minister of Industry and Advanced Technology, oversaw the signing of five Memoranda of Understanding (MoUs) with various financial institutions.

These partnerships are designed to enhance the industrial sector’s capabilities by providing financial support and fostering collaboration between banks and local industries. The agreements will facilitate access to funding for innovative projects, which is crucial for driving growth in the sector.

Dr. Al Jaber emphasized the importance of these initiatives, stating that they will significantly contribute to the UAE’s economic diversification efforts and strengthen its position as a global industrial hub. The MoUs are part of a broader strategy to enhance the country’s industrial ecosystem and support the goals outlined in the UAE’s industrial strategy.