The Industrial Development Bureau (IDB) of the Abu Dhabi Department of Economic Development (Added) is partnering with 10 national banks in the UAE to improve credit availability for industrial and commercial sectors.
Rashed Abdul Karim Al Balooshi, undersecretary of Added, signed agreements with representatives from First Abu Dhabi Bank, Abu Dhabi Islamic Bank, National Bank of Ras Al Khaimah, Invest Bank, Emirates Development Bank, Emirates Islamic Bank, National Bank of Fujairah, Abu Dhabi Commercial Bank, Mashreq Bank and Emirates NBD.
“Through the agreements, we look to identify key areas of cooperation between IDB and the involved banks in terms of facilitating procedures for factories as well as commercial and services establishments to obtain financial facilities that will help them in their cash inflows and strengthen the supply chain involved in their respective activities,” said Mr Al Balooshi.
Abu Dhabi has rolled out various initiatives over the past few months to accelerate economic growth and boost job creation.
In July, the Added rolled out a basic industries project aimed to make the emirate self-sufficient in the production of basic consumer and industrial products.
The project, being undertaken by the IDB, will look to strengthen investment in four major sectors: food production, medical supplies, power generation and important materials such as iron, aluminium and cement.
The aim is to increase the private sector’s contribution to help meet local demand and encourage exports.
The agreements signed with the banks will “help create a credit environment that is conducive for investment in the industrial sector … and ensure a safe investment environment for foreign direct investment”, Mr Al Balooshi said.
The IDB will facilitate access to all services for investors under a unified platform and also help the industrial sector connect with investors and lending agencies to avail financing products and services dedicated to start-ups and SMEs, he said.
Mohammed Munif Al Mansouri, executive director of IDB, said the partnerships with banks will help investors in the industrial, commercial and services sectors to further develop their businesses.
Mr Al Mansouri said the Added is keen to further strengthen cooperation with UAE banks to contribute to achieving the continuity, growth and prosperity of businesses in Abu Dhabi.