Abu Dhabi, United Arab Emirates, July 4, 2024: In line with the objectives of the National Strategy for Industry and Advanced Technology, Operation 300Bn, Mashreq Bank, a financial institution in the MENA region, has allocated an additional AED 1 billion in financing solutions to enhance the growth of the industrial sector in the country and support the competitiveness and productivity of the UAE's industrial sector. This new step stimulates industrial companies in the country by enabling them with additional financing solutions under the umbrella of Make it in the Emirates (MIITE) initiative. It also reflects the Ministry of Industry and Advanced Technology's (MoIAT) commitment to enhancing collaboration between the public and private sectors and financial institutions to support the industrial sector's contribution to the UAE’s GDP. This is an extension of the ongoing partnership between MoIAT and Mashreq Bank during the Make it in the Emirates 2023 Forum, where the bank committed to providing AED 1 billion in financing for industrial companies. In 2023, Mashreq Bank provided AED 970 million in financing to industrial companies of various sizes to enhance growth, expansion, and competitiveness in sectors such as food and beverages, metal industries, and building materials and construction. Strategic Directions His Excellency Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology (MoIAT) emphasized that the Ministry continues to provide enablers and incentives to support the growth and competitiveness of the UAE's industrial sector. This aligns with the objectives of the Operation 300Bn, enhancing the industrial investment attractiveness under the MIITE initiative and the National In-Country Value Program. These efforts support our strategic directions, including the development of AI applications, technological transformation, sustainability, and innovation, which reflect on enhancing productivity and competitiveness. His Excellency added: "We collaborate with our partners from national banks to provide competitive financing solutions for the growth of the industrial sector. We value the efforts of Mashreq Bank in providing AED 970 million in financing solutions last year for the industrial sector and announcing AED 1 billion in new financing solutions. These will enhance entrepreneurship, attract more industrial investments, and increase the industrial sector's contribution to the country's GDP, as one of the critical pillars of the national economy in the coming years." His Excellency noted that competitive financing for the industry supports our strategic directions, which include expanding our initiatives and programs. We announced in the third edition of MIITE Forum of offering 2,000 offtake products for local manufacturing. In addition, we launched the AI Innovation Program, Transform 4.0 to support 100 high-potential manufacturers in digitalization, creating a group of Industry 4.0 (I4.0) lighthouses over the next three to five years. These efforts and expansions require supportive and enabling financing solutions. His Excellency pointed out that innovative financing motivates industrial companies to expand their operations and integrate AI into the production cycle. This contributes to transforming factories into smarter and more efficient ones, enhancing the added value to the national economy, creating more growth opportunities for companies, and providing more quality jobs for Emirati talent in production and manufacturing. Enhancing Growth and Sustainability In this regard, Joel Van Dusen, Head of the Corporate and Investment Banking Group at Mashreq Bank, said: "Mashreq Bank's allocation of an additional AED 1 billion to support the 'Make it in the Emirates' initiative and the 'Technology Transformation Program' reflects our deep commitment to supporting growth and development in the UAE's industrial sector. We are proud to be part of this ambitious initiative to enhance innovation, sustainability, and AI applications in the industrial sector." He added: "Our partnership with the Ministry of Industry and Advanced Technology represents an important step towards building a prosperous and sustainable future for the industry in the UAE. Providing competitive financing to industrial companies enhances productivity and supply chain flexibility, opening new horizons for investment and growth in vital economic sectors. We are committed to continuing our support for industrial companies through innovative financing solutions and providing the necessary support for them to achieve their ambitions and contribute to driving the country's economic growth. We believe that innovation and sustainability are the keys to achieving a promising future for the industrial sector in the UAE."