UAE get a climate financing boost: The UAE’s Industry and Advanced Technology Ministry has signed an MoU with First Abu Dhabi Bank (FAB) to unlock AED 5 bn in financing for investors in the industrial and advanced technology sectors, Wam reported on Thursday. FAB will provide financing solutions to back the adoption of advanced technology in the industrial sector including structured financing, capital investments, business expansion financing, green financing, and support for SMEs and startups.

ALSO- The ministry has signed an MoU with Mashreq to establish an AED 1 bn fund for the industrial sector in the UAE, Wam reported on Friday. Under the agreement, Mashreq will provide its financing solutions, including Sharia compliant products, to support the adoption of AI in the industrial sector in a bid to slash its carbon footprint. These include green loans and bonds, sustainability-linked and transitional loans and bonds, social loans, trade finance, structured finance, and capital investments.