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Robust Bank Funding Drives UAE Industrial Sector Expansion

  • January 16, 2025
  • 2 min read
Robust Bank Funding Drives UAE Industrial Sector Expansion

The UAE’s industrial sector has seen a significant growth in finance, thanks to strong support from both the government and private companies. The Central Bank of the UAE (CBUAE) believes that this coordinated effort is critical for promoting industrial growth and accomplishing the lofty goals established in the “Operation 300 Billion” project.

A well-funded industrial sector serves as the foundation of a varied and resilient national economy, characterised by sustainability, innovation, and long-term economic prosperity.

According to CBUAE data, UAE-based banks invested Dh5.537 billion in the manufacturing sector during the first nine months of 2024. This raises the overall loans to the sector to a record Dh94.85 billion, a historical high. The sector’s finance portfolio expanded by 6.2% throughout this period, rising from Dh89.315 billion by the end of 2023. Over the last decade, the sector has grown at a rate that exceeds 37% compared to the end of 2015.

Jamal Saleh, director general of the UAE Banks Federation, emphasised the UBF’s commitment to supporting the industrial sector to promote economic growth and diversification, in line with the UAE’s Industrial Strategy: Operation 300 Billion program. He emphasised the banking sector’s critical role in financing industrial activities under the CBUAE’s supervision and guidance, as well as the need for innovative solutions to meet the sector’s changing demands, particularly those related to the Fourth Industrial Revolution (4IR), sustainability, and the circular economy.

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