The Global Manufacturing and Industrialisation Summit (GMIS) today announced a partnership with First Abu Dhabi Bank (FAB) that will explore the latest trends and opportunities to improve access to finance for Small and Medium Enterprises (SME) and drive sustainable industrial growth both globally and in the United Arab Emirates.
Through joint thought-leadership and knowledge exchange, FAB, the UAE’s largest bank, will collaborate with the Global Manufacturing and Industrialisation Summit to highlight the SME sector’s economic potential and innovation capabilities to support industrial development, as well as advance the UAE’s digitalisation progress as it prepares for the next 50 years.
As a Strategic Partner to the Summit, FAB will share its experience in developing financing solutions to unlock new sources of capital for SMEs, which are important contributors to job creation, economic development and global trade. The GMIS-FAB partnership will also highlight the importance of ‘green finance’, which refers to financial products and services that can deliver long-term environmental benefits.
Globally, the SME sector represents 90% of businesses and 50% of employment, in addition to 40% of national income in emerging economies, according to the World Bank. FAB offers a wide-range of financing solutions to help SMEs increase their access to liquidity for further expansion and promote sustainable economic growth. The Abu Dhabi-headquartered bank recently signed a Memorandum of Understanding with the Emirates Development Bank (EDB) to offer credit guarantee and co-lending programs, including up to AED 100 million financing, to SMEs in the country.
Hana Al Rostamani, Group CEO of First Abu Dhabi Bank (FAB), said: “The UAE's industrial and manufacturing base is future-focused and increasingly oriented towards global success. As the sector enters a new phase of development, financial institutions will continue to play a decisive role in advising, diversifying, and propelling the UAE’s home-grown high-tech industries forward. By working collaboratively, we are ensuring that these industries can compete in a global marketplace, and that they can contribute to building a sustainable national economy.”
Discussions at the fourth edition of the Global Manufacturing and Industrialisation Summit (#GMIS2021) will examine the evolving forms of interactions between and among humans and machines, as well as the growing importance of data intelligence and connectivity to manufacturers. Highlighting the importance of digital transformation in the SME sector, the Summit will organise a panel discussion titled ‘Is Digital Connectivity Bridging the SME Fintech Gap?’. The Summit will also organise sessions to examine how investments in ‘green industries’ can boost global economic growth, and how businesses and governments can support decarbonisation of manufacturing.
Badr-Al Olama, Head of the GMIS Organising Committee, said: “GMIS is committed to facilitating SMEs access to global markets, creating a culture of entrepreneurship, and promoting advanced digital capabilities in the industrial sector through collaborations and partnerships with governments, businesses and international bodies. We are delighted to welcome FAB into our partner network, and look forward to joining forces with them to highlight the growing need of developing cutting-edge financing solutions to create a thriving SME ecosystem. The FAB-GMIS partnership will also enable us to promote innovation and excellence across the UAE’s manufacturing ecosystem, and accelerate sustainable economic growth in the years to come.”
Taking place at EXPO’s Dubai Exhibition Centre, #GMIS2021 will be held alongside the six-day GMIS Week from November 22-27. The Summit will feature key global leaders from government, business, and civil society to discuss and debate how data and connectivity are becoming the leading factors shaping the future of supply chains, green manufacturing, sustainable energy, climate action, policymaking, and resilient global economies under the theme ‘Rewiring Societies: Repurposing Digitalisation for Prosperity’.
The GMIS Week will also host a Global Prosperity Conference run by GMIS’s Mohammed bin Rashid Initiative for Global Prosperity, and the Green Chain Conference, an Alternative & Renewable Energy Conference on November 24, as well as country-focused sessions in partnership with the United Kingdom, Australia, and Italy on November 25. The event will also run a six-day manufacturing and advanced technology exhibition to showcase some of the UAE’s most innovative capabilities.