UAE's Industrial Sector Thrives with Record Financing Surge

The UAE's industrial sector has reached a historic financing peak, with banks injecting AED5.537 billion in 2024, fueled by collaborative government and private efforts. The sector's growth is vital to the UAE's 'Operation 300 Billion' initiative, aiming for economic diversification through sustainability and innovation.

The United Arab Emirates' industrial sector has experienced unprecedented growth in financing, with the combined efforts of government and private sectors driving this expansion. This financial surge is in alignment with the nation's 'Operation 300 Billion' initiative, which envisions a sustainable and diversified economy.

According to data from the Central Bank of the UAE, banks have provided AED5.537 billion to the manufacturing sector in 2024, elevating the total loans to over AED94.85 billion. This marks a 6.2% increase in the past nine months and a significant rise of over 37% compared to the end of 2015. Key banking institutions, including the Emirates Development Bank and Khalifa Fund, are instrumental in facilitating this growth.

Jamal Saleh, Director General of the UAE Banks Federation, emphasized the sector's contribution of over 11% to the nation's GDP. He reiterated the commitment to supporting industrial innovation and competitiveness as the UAE positions itself as a global industrial hub by 2031, embracing technological advancements and sustainability.

(With inputs from agencies.)