The UAE's industrial sector received a significant increase in financing in 2024, driven by robust support from both government and private entities. 

 

Banks operating in the UAE injected AED5.537 billion ($1.51 billion) in funding for the manufacturing sector during the first nine months of 2024, bringing the total loans to the sector to a historic peak of over AED94.85 billion, according to data from the Central Bank of the UAE (CBUAE).

 

The financing portfolio for the sector increased by about 6.2% during these nine months, from AED89.315 billion at the end of 2023, with a growth rate of over 37% over the past decade, compared to the end of 2015, said a Wam news agency report.

 

Leading institutions such as the Emirates Development Bank (EDB), the Khalifa Fund for Enterprise Development (KFED), and the Mohammed Bin Rashid Establishment for SME Development are key supporters of industrial projects, especially those focused on innovation and technology.

 

These institutions provide a range of accessible financing solutions and training programmes that empower entrepreneurs and enhance the competitiveness of small and medium-sized enterprises (SMEs), enabling them to become an integral part of the growing industrial landscape in the UAE, said the report.

 

The EDB follows a comprehensive approach to stimulate and develop local factories by offering a wide range of solutions and products to this sector, which is one of the five priority sectors funded by the bank.

 

The bank's vision is aligned with the national strategy for advanced industry and technology, which aims to position the UAE as a global industrial hub by 2031 through the implementation of the Operation 300 billion Initiative.