ABU DHABI, 22nd May 2025 (WAM) -- First Abu Dhabi Bank (FAB), the UAE's global bank, has announced the renewal of its strategic partnership with the Ministry of Industry and Advanced Technology (MoIAT), signing a Memorandum of Understanding (MoU) that reinforces FAB's pivotal role in advancing the UAE's industrial transformation.

The agreement formalised this week on the sidelines of the Make it in the Emirates Forum, which wraps up today at Abu Dhabi National Exhibition Centre, brings FAB's total commitment to industrial sector financing to AED10 billion since June 2023.

This renewed MoU follows the early fulfilment of FAB's initial AED5 billion financing pledge under the 2023 agreement. Building on this momentum, FAB will now extend an additional AED5 billion in competitive, flexible financing solutions to empower industrial enterprises at every stage of growth from new startups and SMEs to larger industrial manufacturers placing a strong emphasis on innovation, sustainability, and the adoption of advanced technologies.

The MoU was signed by Omar Al Suwaidi, Undersecretary of MoIAT, and Fahad Al Shaer, CEO of First Abu Dhabi Islamic Finance, along with representatives from Emirates NBD Group, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank Group, and Wio Bank.

This milestone reflects FAB's commitment to enabling the National Strategy for Industry and Advanced Technology and supporting the objectives of the Made in the UAE initiative. The bank's expanded pledge is designed to help attract further significant investment into the industrial sector and foster the development of a robust, future-ready industrial ecosystem. The new pledge also supports the joint promotion of industrial investments in the region.

Osama Amir Fadhel, Assistant Undersecretary, Industrial Accelerator Sector, Ministry of Industry and Advanced Technology (MoIAT), said, "MoIAT and its strategic partners remain committed to driving the growth and competitiveness of the industrial sector and enhancing its investment appeal. This is achieved through the enablers, incentives, and opportunities provided to support the business environment, as evidenced by strong growth indicators, including the sector's contribution to GDP reaching AED210 billion by the end of 2024.

He added, "The financial enablers are the key pillars of this growth. The new agreements with financial institutions come as part of MoIAT's commitment to strengthening the financial empowerment of the industrial sector and offering innovative financing solutions to promote industrial entrepreneurship. These partnerships with national financial institutions mark a significant milestone in SMEs, enhancing their capacity to expand, adopt advanced technology, and actively contribute to achieving the goals of the National Strategy for Industry and Advanced Technology.

"The First Abu Dhabi Bank is one of the leading financial institutions supporting the business environment and empowering industrial companies, especially through collaboration with various MoIAT initiatives including the Make it in the Emirates platform by providing innovative financing solutions that drive sustainable industrial growth. This demonstrates the synergy between the government and financial sectors, helping accelerate progress and diversify the national economy," Fadhel added.

Futoon Hamdan AlMazrouei, Group Head of Personal, Wealth, Business Banking and Privileged Client Group at First Abu Dhabi Bank (FAB), said, "This expanded commitment reflects FAB's long-standing dedication to supporting the UAE's economic agenda and ambitious industrial vision. We've seen tremendous demand from entrepreneurs to established manufacturers, and the early delivery of our initial pledge highlights both the vitality of the sector and the strength of our partnership with MoIAT. We remain committed to delivering smart, accessible, and sustainable financing that enables businesses to scale, innovate, and contribute meaningfully to the UAE's industrial future. Supporting the vision of Made in the UAE, we are proud to help unlock real economic progress and opportunity at every level of enterprise."

FAB's financing framework encompasses structured lending, capital investment, business expansion support, and green financing, with dedicated solutions tailored to SMEs and high-growth industrial ventures. In addition to funding, FAB will continue to work closely with MoIAT to share financial expertise, foster innovation, and support knowledge-sharing initiatives that enhance industrial competitiveness.

This renewed partnership forms a key pillar of FAB's wider mission to drive national development by mobilising financial solutions that create lasting value for businesses, communities, and the broader economy. Driven by a visionary government agenda and strong public-private collaboration, the UAE's industrial sector is still on track to double its contribution to GDP within the next decade. As the UAE's largest bank and a trusted partner to national progress, FAB remains at the forefront of powering the country's industrial growth and economic diversification.