Financing for the industrial sector in the UAE is witnessing a remarkable increase, through government and private financing institutions that play a prominent role in accelerating industrial growth and implementing the strategic objectives of the “300 Billion Project.”
Banks operating in the local market pumped 5.537 billion dirhams, during the first nine months of last year, 2024, as financing for the manufacturing sector, bringing the combined loans for this sector to its historical peak above 94.85 billion dirhams, according to data from the Central Bank of the Emirates.
The financing portfolio for this sector increased by about 6.2% within nine months, from its level of 89.315 billion dirhams at the end of 2023, while the portfolio’s increase in 10 years exceeded 37%, compared to the end of 2015.
Leading institutions such as the Emirates Development Bank, the Khalifa Fund for Enterprise Development, and the Mohammed bin Rashid Establishment for Small and Medium Enterprises Development stand out as major supporters of industrial projects, especially those that focus on innovation and technology, as they provide a set of easy financing solutions and training programs that contribute to empowering entrepreneurs. Business, and enhancing the competitiveness of small and medium enterprises.
The Director General of the UAE Banks Federation, Jamal Saleh, stressed the Federation’s keenness to continue its efforts to support the industrial sector, in order to accelerate growth and economic diversification, and achieve the goals of the UAE Industrial Strategy (300 billion project).
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