ADIB joins ADDED’s financial ecosystem programme to support industrial development
Abu Dhabi: Gulf Tech News
Abu Dhabi Islamic Bank (ADIB) has signed a Memorandum of Understanding (MoU) with the Abu Dhabi Department of Economic Development’s (ADDED) Industrial Development Bureau (IDB) to join the financial ecosystem programme to support the growth of industrial sector in Abu Dhabi by offering tailored banking solutions to manufacturers.
The MoU signifies ADIB’s commitment to simplifying and facilitating banking processes, creating a conducive environment to industrial sector growth and to leverage its contribution in advanced and sustainable sectors. In addition, the joint efforts between the two parties will contribute to achieving the related UAE National strategies and increase the sector participation in the gross domestic product (GDP).
The financial ecosystem programme was developed by IDB as part of its efforts to achieve the objectives of the Abu Dhabi Industrial Strategy, which focuses on increasing manufacturers’ access to funding to support their growth, enhancing the competitiveness of the Emirate’s industrial sector, and attracting domestic and foreign direct investments to benefit from competitive business environment in the UAE.
The programme is designed to assist industrial companies in accessing a wide variety of banking services and products provided by prominent banks operating in Abu Dhabi with a few clicks, supported by easy to fill application forms and procedures.
Through this partnership, ADIB aims to deliver tailored banking solutions to manufacturers, strengthening their financial capabilities and empowering their growth within the vibrant business landscape of Abu Dhabi. ADIB will leverage its comprehensive banking services to further promote financial solutions for industrial companies which operate within the ADDED ecosystem.
Eng. Arafat Al Yafei, Executive Director of ADDED’s Industrial Development Bureau (IDB), said: “We are pleased to sign this agreement with Abu Dhabi Islamic Bank to provide their services and products to investors and companies in the industrial sector. The financial ecosystem programme aims to enhance access to funding and equip manufacturers and investors with necessary support to grow and expand out of Abu Dhabi. It is part of our concerted efforts to further enhance the industrial ecosystem, enable manufacturers to grow from strength to strength, and contribute to achieving the ambitious objectives of the Abu Dhabi industrial strategy.”
Amit Malhotra, Global Head of Retail Banking at Abu Dhabi Islamic Bank, said: “We are delighted to collaborate with ADDED’s IDB and contribute to the business community through our banking services. This partnership will provide a seamless and efficient banking experience for industrial companies and investors, promoting economic prosperity and supporting the overall growth of Abu Dhabi. It is a pleasure to build off of our previous efforts with ADDED to facilitate digital business banking account opening, and we hope to continue exploring further opportunities to enhance the Abu Dhabi economy. “
The joint efforts between ADIB and ADDED will result in a streamlined business environment and enhanced efficiency for entrepreneurs. The partnership underscores the commitment of both entities to provide optimal conditions for growth and prosperity, ultimately driving economic development in Abu Dhabi.
