The Industrial Development Bureau (IDB) of the Abu Dhabi Department of Economic Development (ADDED) has signed new Memorandums of Understanding (MoUs) with 10 leading national banks in the UAE aimed at enhancing the credit environment for Abu Dhabi’s industrial and commercial sectors. The move further seeks to promote competitiveness among banks and encourage them to develop innovative financing products and services for various sectors in the emirate.
The agreements were signed by H.E. Rashed Abdul Karim Al Balooshi, Undersecretary of ADDED, and representatives from the First Abu Dhabi Bank (FAB), Abu Dhabi Islamic Bank (ADIB), National Bank of Ras Al Khaimah (RAKBANK), Invest Bank, Emirates Development Bank (EDB), Emirates Islamic Bank, National Bank of Fujairah (NBF), Abu Dhabi Commercial Bank (ADCB), Mashreq Bank and Emirates NBD.
H.E. Rashed Abdul Karim Al Balooshi reiterated that these MoUs will help create a credit environment that is conducive for investments in the industrial sector, noting that this latest initiative will further ensure a safe and smooth investment environment for Foreign Direct Investments (FDI) which is one of the key drivers in spurring economic activities and enhancing the industrial sector’s supply chain which include logistics services, supply activities, promotion, distribution, and packaging. He added that this support will also contribute to improving the efficiency in finance and banking facilities and services for local exporters.
H.E. noted: “We look forward to enhancing the banking and finance sector’s competitiveness and productivity as part of Abu Dhabi’s modernization and development strategy, which seeks to strengthen the government’s performance and the services it provides to the business sector and take part in helping achieve Abu Dhabi’s Economic Vision 2030.”
Al Balooshi added: “Through the agreements, we look to identify key areas of cooperation between IDB and the involved banks in terms of facilitating the procedures for factories as well as commercial and services establishments as they seek to obtain financial facilities that will help them in their cash inflows as well as strengthen the supply chain involved in their respective business activities. The Bureau will also ensure a smooth flow of access to all the services to investors under a unified platform as well as provide support programs for the industrial sector to connect them to investors and lending agencies where they can avail from the variety of financing products and services dedicated to start-ups and small and medium-sized enterprises (SMEs).”
He further highlighted the significance of the industrial sector as a key driver of Abu Dhabi’s local economy. He emphasized ADDED’s commitment to enhancing the sector’s contribution to the emirate's gross domestic product (GDP) in line with the emirate’s economic diversification policies and lead towards sustainable economic development.
H.E. Mohammed Munif Al Mansouri, Executive Director of IDB, emphasized the importance of the established partnerships between the Bureau and the UAE’s leading banks in enhancing the joint efforts to support investors within the industrial, commercial, and services sectors and help them further develop their businesses.
H.E. Al Mansouri highlighted that ADDED is keen to further strengthen its cooperation with banks in the UAE through the signing of strategic agreements that can enhance mutual collaboration and contribute to achieving the continuity, growth and prosperity of businesses in Abu Dhabi. These efforts will also help support the private sector in general and will empower it to drive the emirate's local economy.
Al Mansouri extended his gratitude and appreciation to all the banks with which ADDED signed MoUs, commending their contributions to reviewing and studying the applications submitted by investors in accordance with the applicable conditions and procedures. He further affirmed the Department’s commitment to ensure proper coordination between banks and industrial establishments operating in Abu Dhabi, in addition to working with them in the conduct of awareness programs, educational seminars, as well as workshops aimed at enhancing services and doing business in the emirate.