UAE promotes manufacturing with $11B financing program
The UAE and its largest banks are pouring nearly $11 billion into a financing plan aimed at spawning new manufacturing companies and building the country’s industrial base.
Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, said at the opening session of the “Make it in the Emirates” conference in Abu Dhabi on Monday that the government will provide backing for a cross-section of target industries, from food and construction to renewable energy and artificial intelligence.
“Investing in manufacturing is an investment in an advanced economy,” Al Jaber said in a speech at the Abu Dhabi National Exhibition Centre. “Every investment in the industrial sector has a multiplier effect, stimulating growth and related sectors.”
Among the lenders lined up to finance the program are Emirates Development Bank, First Abu Dhabi Bank, Mashreq, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and Wio Bank.
In his address, Al Jaber noted last week’s visit by U.S. President Donald Trump to Abu Dhabi, where he was shown a model of a new campus being built in the emirate that is planned to be the largest hub for development of AI technology outside the U.S.
“We do not see artificial intelligence as just a tool or a new technology, but as a complete economic sector expected to generate over US$1.5 trillion globally by 2040,” Al Jaber said.