Dubai PR Network, Online Press Release from Dubai and Middle East
Government Sector(Government, Legal & Humanity)
Filter PR by
UAE Introduces New Financing Solutions for Defense Industries
UAE Introduces New Financing Solutions for Defense Industries

21 February 2023 – UAE-based SMEs in the industrial sector will soon be able to access new financing solutions and enablers following a memorandum of understanding (MoU) signed at IDEX and NAVDEX 2023.
The MoU between the Ministry of Industry and Advanced Technology (MoIAT), Tawazun Industrial Park (TIP) and the Emirates Development Bank (EDB) was signed on the side-lines of the defense exhibition.

In line with the Make it in the Emirates initiative, the MoU aims to attract industrial investors to strategic sectors such as defense by providing a package of incentives and benefits. It will ultimately support the sustainable development of the industrial sector and help provide an attractive business environment for local and international investors, as well as incentivize the use of advanced technologies in industrial solutions.
The MoU was signed by His Excellency Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, Eng. Faiz Saleh Al Nahdi, CEO of the Tawazun Industrial Park, and Ahmed Mohammed Al Naqbi, CEO of the Emirates Development Bank, in the presence of His Excellency Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Her Excellency Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, Major General Dr. Mubarak Saeed Ghafan Al Jabri, Assistant Undersecretary for Support and Defence Industries at the Ministry of Defence and Deputy Chairman of the Committee for IDEX and NAVDEX, and His Excellency Tariq Al Hosani, Secretary General of Tawazun Council, as well as senior officials from MoIAT, the Ministry of Defence, the Tawazun Council and the Emirates Development Bank.

Under the MoU, MoIAT and the Tawazun Industrial Park will provide incentives to attract industrial investments to the park in line with MoIAT’s efforts to create an attractive business environment for local and international investors, as well as stimulate innovation and the adoption of advanced technology in industry. The Emirates Development Bank will provide flexible and competitive financing solutions such as green financing, financing capital expenditure, and financing start-ups and SMEs.

His Excellency Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology said: “The memorandum of understanding will help empower the industrial sector in line with MoIAT’s mission, and the objectives of Operation 300bn. This strategy aims to enhance the business environment that attracts local and international investors, especially to vital industrial sectors under the umbrella of Make it in the Emirates, the National ICV Program, and the Technological Transformation Program.

“The Emirates Development Bank is one of our most important strategic partners. Over the past year, the bank provided industrial companies with AED 3.14 billion worth of incentives, enablers and financing solutions Similarly, Tawazun Industrial Park, the UAE’s integrated national center for defense, security and technology industries, is critical in enabling local defense contractors. Our MoU will offer incentives packages that include competitive prices for land and facilities, as well as incentives to encourage exports from TIP.”
His Excellency added: “The ministry continues to facilitate partnerships that promote the growth and competitiveness of the national industrial sector and support local supply chains. MoIAT is implementing many enabling projects and initiatives in cooperation with federal and local government entities as well as the private sector, such as enabling manufacturers through technology transformations. In addition to encouraging companies to benefit from National ICV Program membership, we have introduced initiatives such as the exemption of customs fees for industrial production inputs, which saved industry nearly AED 4 billion in 2022.”
Eng. Faiz Saleh Al Nahdi, CEO of Tawazun Industrial Park, said: “The memorandum of understanding provides a framework for cooperation to enable and stimulate industrial sectors in the country. It also represents a platform to support the objectives of Operation 300bn as well as the goals of the Make it in the Emirates initiative, which helps the national industrial sector, especially in vital and priority industries.

He added: “Tawazun Industrial Park will encourage and empower investors through tailor-made incentives and facilities, as well as long-term lease contracts, free lease terms, and supportive business incubators, while the Emirates Development Bank will provide financing solutions to attract foreign direct investment to the UAE.”
The defence sector is a priority industry for MoIAT, which aims to increase the contribution of the industrial sector to GDP to AED 300 billion by 2031, raise productivity, and create more job opportunities for Emiratis. By 2030, the UAE will increase its domestic defense expenditure from 10 percent to 30 percent of its total defense expenditure, which represents an opportunity to substitute imports and promote supply chain localization.

Ahmed Mohammed Al Naqbi, CEO of the Emirates Development Bank, said: 'The Emirates Development Bank is pleased to be part of a dynamic partnership with the Ministry of Industry and Advanced Technology and the Tawazun Industrial Park in order to explore opportunities for cooperation in the industry and to strengthen the investment ecosystem in the UAE. Through this partnership, we look forward to establishing a strategic framework for the benefit of our tenants, which supports the objectives of the Make in the Emirates initiative and contributes to attracting more foreign direct investment to the country.

He added: “As one of Operation 300bn’s priority sectors, we are pleased to announce that to date, the defense sector has benefited from AED 375 million provided by Emirates Development Bank. Our mission is to promote the growth of a healthy and sustainable economy while also contributing to advancing the country's industrial progress. We look forward to exploring further collaboration with the ministry and Tawazun Industrial Park and uniting our efforts to provide a supportive and sustainable environment for vital sectors while enhancing local supply chains.”


Posted by : Editorial Team
Viewed 21578 times
PR Category : Government, Legal & Humanity
Posted on : Wednesday, February 22, 2023  3:14:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of
Previous Story : MoHAP Calls on Customers to take Advantage of Online Service...
Next Story : Statement by Ahmad bin Meshar Al Muhairi SLC Secretary Gener...
Email this article Print this article

Share this article with your friends and followers
Back to Section Home

Related Stories

Most Viewed Press Release posted in the last 7 days
Unleash Your Summer Glow with CATRICE's Spring/Summer Collection [10672-Views]
All Emirates Passengers can now Avail of Free Wi-Fi Connectivity Onboard [5785-Views]
Introducing the Isle of Man TT Limited Edition: Discover the New 43mm Chronograph [5342-Views]
Alfa Romeo Starts 2023 with a Record First Quarter [5236-Views]
Unveiling Emirati Elegance and Charm: Look Radiant this Summer Draped in Swarovski® and Em... [5178-Views]
Malabar Gold & Diamonds Launches Two New Showrooms in the UAE at Al Nahda, Sharjah and Mir... [4629-Views]
LG Createboard Enhances the Classroom Experience [4321-Views]
Panasonic Influencer Affiliate Program takes Off Successfully [4088-Views]
EDGE Acquires Majority Stake in MARS Robotics [4063-Views]
Etihad Publishes 2022 Sustainability Report [4002-Views]
“Hamdan Sports Complex” achieves Outstanding Development and Increase in the Numbers of Ho... [3961-Views]
Al Habtoor Motors and Rimac Automobili announced their Partnership, Rimac's High-Performan... [3932-Views]
Life Pharmacy Launches Super Sale with Top Skincare Deals and Exceptional Customer Service [3879-Views]
Panasonic Accelerates Growth Strategy for FY2023 in Middle East and Africa [3842-Views]
Union Coop Now Delivers in Abu Dhabi [3628-Views]
Tanishq's Rarest Jewels Light up Dubai [3628-Views]
Western Furniture Presents the Eros Bed [3587-Views]
From the Treasures of the Library Exhibition to Mohammed Bin Rashid Library's Pavilion at ... [3559-Views]
His Highness Sheikh Hasher bin Maktoum bin Juma Al Maktoum Inaugurates 2023 Edition of the... [3440-Views]
Danube Properties and Dubai Land Department Sign an Agreement to Offer Instant Onsite Init... [3411-Views]
Zoho Becomes First to Introduce Corporate Tax Capabilities in the UAE [3366-Views]
Quality Bathroom Solutions for Individual Design Needs – Installed by Professionals [3272-Views]
The new BMW 5 Series [3182-Views]
Summary of Weekly Real Estate Transactions for the Week Ending 12 May 2023' [3157-Views]
Fujairah's Pristine Beach Witness Extraordinary Sea Turtle Nesting [3149-Views]
RSS Facebook Twitter LinkedDin on Instagram
Top Sections
Top Stories