{"id":94030,"date":"2024-07-22T00:00:00","date_gmt":"2024-07-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/mashreq-pledges-another-aed-1-bn-for-local-industry\/"},"modified":"2024-07-22T00:00:00","modified_gmt":"2024-07-22T00:00:00","slug":"mashreq-pledges-another-aed-1-bn-for-local-industry","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/22\/mashreq-pledges-another-aed-1-bn-for-local-industry\/","title":{"rendered":"Mashreq pledges another AED 1 bn for local industry"},"content":{"rendered":"

Our friends at Mashreq are allocating an additional AED 1 bn in financing <\/strong>for the<\/strong> industrial sector<\/strong>, according to a statement<\/a>. The investment marks an extension of Mashreq\u2019s ongoing partnership with the Industry Ministry, which saw Mashreq previously commit AED 1 bn<\/a> during the Make it in the Emirates 2023 Forum. <\/p>\n

Where the funds are going: <\/strong>The AED 1 bn is geared at offering additional financing solutions for industrial firms in the UAE, as part of the Make it in the Emirates initiative, and in line with the national strategy for industry and advanced technology, aimed at boosting the manufacturing sector's contribution to the country\u2019s GDP, <\/span>Wam<\/a> reports.<\/span><\/p>\n

Background: <\/strong>Mashreq also shelled out AED 970 mn in financing in 2023 to firms in the F&B, metal, and building materials and construction sectors.<\/p>\n

MoIAT went big at Make it in the Emirates this year,<\/strong> securing<\/a> some AED 23 bn in pledges for local manufacturing, and launching the AI innovation program Transform 4.0<\/a> to support 100 manufacturers in digitalization and create a group of Industry 4.0 lighthouses over the next three to five years. Emirates NBD also pledged AED 5 bn in financing for the sector. <\/p>\n

The bigger picture:<\/strong> \u201cThese efforts support our strategic directions, including the development of AI applications, technological transformation, sustainability, and innovation,\u201d MoIAT under-secretary Omar Al Suwaidi said, adding that innovative financing edges industrial companies to expand operations and integrate AI, which transforms factories into smarter, more efficient ones and ramps up added national economic value.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mashreq committed AED 1 bn during the last Make it in the Emirates forum<\/p>\n","protected":false},"author":1,"featured_media":94031,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1557],"tags":[7,1342,25,288],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-enterpriseam-uae","tag-investment","tag-investment-watch","tag-mashreq","wpautop","entry"],"acf":{"mongo_id":"dba89ce9-da43-4d90-a0c9-b09a014ec084","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1661.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Mashreq pledges another AED 1 bn for local industry","related_issue":[94020],"teaser":"Mashreq committed AED 1 bn during the last Make it in the Emirates forum","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.0fd33d44-b0a1-4181-b347-bc3483d40eeb.mp3"},"yoast_head":"\nMashreq pledges another AED 1 bn for local industry - 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