Abu Dhabi introduces financing platform to enhance the manufacturing sector
The initiative will provide industrial investors with simplified access to a range of financing solutions and products
Abu Dhabi has introduced a centralized platform aimed at bolstering manufacturers’ access to financing, aligning with the objectives of the Abu Dhabi industrial strategy.
Developed by the industrial development bureau (IDB) under the Abu Dhabi Department of Economic Development, the business financing facilitation platform is a pivotal element of the financial ecosystem program. This initiative aims to simplify access to a broad spectrum of financing solutions and products for industrial investors.
The platform optimizes financial processes, empowering investors to select tailored services and products from an array of financial and banking partners seamlessly and efficiently.
IDB has forged partnerships with several public, financial, and developmental institutions, including the Abu Dhabi Securities Exchange, Abu Dhabi IPO Fund, Khalifa Fund For Enterprise Development, Emirates Development Bank, and Strategic Development Fund. Additionally, the financial ecosystem program collaborates with export agencies like Etihad Credit Insurance and Abu Dhabi Export Office, along with 14 other banks.
Arafat Al Yafei, IDB’s executive director, emphasized, “We believe facilitating industrial companies’ access to financing, and providing support at every stage of their development, will enable them to benefit from ample, promising opportunities in our business-friendly ecosystem to grow and expand out of Abu Dhabi, the region’s most competitive industrial hub.”
Abu Dhabi has committed AED10 billion ($2.72 million) across six programs to amplify the manufacturing sector’s contribution to GDP, targeting an increase to AED172 billion, and aims to boost non-oil exports to AED178.8 billion by 2031.
