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18 April 2024

Bank for industry planned

The Abu Dhabi Government is planning to set up a bank to support industry. (EB FILE)

By Abdel Hai Mohamad

The Abu Dhabi Government is planning to set up an industrial bank to finance projects in the emirate, especially in Abu Dhabi Industrial City, said an official from the emirate's planning department.

Speaking to Emirates Business on the sidelines of the Abu Dhabi Economic Forum at Emirates Palace yesterday, Mohammed Omar Abdullah, Under-Secretary for Abu Dhabi Department of Planning and Economy, said: "Industrialists and businessmen have urged the department to set up a bank to finance their projects, with the government having the biggest role in it.

"We are studying the possibility of setting up the bank. It is a good idea to finance industrial projects to develop Abu Dhabi's industrial sector, which the government hopes will play a big role over the next few years. The suggestion needs careful study, and this is what is being done.

"Factories in the Higher Corporation For Specialised Economic Zones (ZonesCorp) have confirmed that they are facing financial difficulties. We are studying their requests to remove the obstacles. The government's priority is to support the industrial sector, which needs support and finance. We need to take advantage of the experience and expertise of the Emirates Industrial Bank, which is a federal bank. We are monitoring delays at new industrial projects caused by lack of finance and aim to solve their problems quickly."

He said Abu Dhabi would not introduce any trade or tariff barriers that contradict international principles approved by the World Trade Organisation or other bodies.

"We intend to have a package of incentives supporting national industry. At the top of our priorities is the government's participation in reducing the cost of production, provision of infrastructure for factories, facilitation of licensing and import-export procedures.