UAE secures $5bn to support industrial expansion
The UAE is to provide up to AED18 billion ($4.9 billion) in funding to support local industrial companies.
The money will go towards increasing production, adopting advanced technologies and strengthening supply chains.
The ministry of industry and advanced technology announced the package at the fifth edition of Make it in the Emirates, the annual event held in Abu Dhabi for national industry.
Mashreq Bank, Dubai Islamic Bank and Emirates Development Bank will provide AED10 billion, AED2 billion and AED6 billion, respectively.
Flexible, competitive financing will be offered to manufacturers to support industrial expansion, a report from state-run news agency Wam said.
At this week’s gathering the Emirates also announced AED180 billion in industrial procurement opportunities to boost domestic manufacturing and reduce reliance on imports.
Dana Gas and Levidian plan graphene park in Sharjah
Dana Gas has said in a filing to the Abu Dhabi bourse it has agreed with UK-based climate tech company Levidian to develop the Sharjah Graphene Park, a UAE-based advanced materials manufacturing and commercialisation initiative.
The memorandum of understanding was signed at the Make it in the Emirates forum.
The graphene park will be developed in phases. It aims to produce of around 15 tonnes of graphene per annum.
Investment in the project is expected to rise from $2 million to $5 million in the initial phase.
The initiative will support the regional supply of high quality graphene and its integration into sectors including construction, polymers, coatings and energy, the statement said.
Make it in the Emirates 2026 is being held from May 4 to 7.
Further reading:
- UAE announces $49bn industrial localisation drive
- Conflict accelerates shift to local production in UAE
- UAE investors shift to ‘old economy’ assets
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