ZAWYA: National Bank of Fujairah and Polyfab Plastic Industry sign MoU to support manufacturing growth and industrial expansion

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Abu Dhabi, United Arab Emirates – National Bank of Fujairah PJSC (NBF) has signed a Memorandum of Understanding (MoU) with Polyfab Plastic Industry, a UAE-based plastics manufacturer, to further strengthen their longstanding banking relationship and support the company’s next phase of growth and industrial expansion within the UAE’s plastics manufacturing sector.The MoU was signed on the sidelines of “Make it in the Emirates 2026”, reinforcing the longstanding collaboration between both parties, focused on manufacturing growth, operational scale-up, and long-term industrial development in the UAE.The UAE's plastics and rubber manufacturing sector is a growing contributor to the country's non-oil industrial output, aligned with the objectives of Operation 300bn to expand the industrial sector's contribution to GDP. The partnership positions NBF as a financing partner supporting growth in a key downstream segment.Commenting on the partnership, Rehan Ali, Head of Business Banking at National Bank of Fujairah, said: “Through this MoU with Polyfab Plastic Industry, NBF is supporting the next phase of growth for a UAE-based manufacturer operating in a strategically important sector. Our focus is on practical financial solutions that support production, efficiency, and investment, helping manufacturers like Polyfab Plastic Industry strengthen local value chains and respond to evolving market and supply chain demands.”Under the MoU, NBF will support Polyfab Plastic Industry through a range of banking and financial solutions tailored to manufacturing requirements. This includes working capital and trade finance solutions to support production growth, supply chain efficiency, and transaction banking needs.Sudheer T.R., Managing Director at Polyfab Plastic Industry, said: “This MoU with NBF supports our continued growth ambitions and reinforces our commitment to strengthening local manufacturing capabilities in the UAE. Access to tailored banking and financing solutions will help support operational efficiency, production scalability, and future expansion plans as we continue to serve evolving market demands across the region.”The collaboration also includes access to treasury, foreign exchange, and cash management solutions, alongside potential project financing and capital expenditure support for future expansion initiatives.The agreement further builds on the lon...

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