Dubai’s well-known commercial hub Dubai Industrial City and the leading financial entity Emirates Development Bank (EDB) have signed a strategic agreement to offer innovative financing and banking solutions to small and medium-sized enterprises (SME).
Further, the alliance intends to support the growth of vital national industries, such as advanced manufacturing and logistics.
The strategic partnership aims to support Dubai Industrial City’s efforts to promote the industrial sector in Dubai and the UAE, provide new opportunities for local and international manufacturing enterprises, and give financing solutions for the development of cutting-edge infrastructure.
The agreement also aligns with EDB’s ongoing efforts to support the UAE’s industrial transformation and economic diversification agenda, as well as its efforts to build a knowledge-based economy, increase global competitiveness and long-term growth, and support startups and SMEs, which are key drivers of the national economy.
“Today’s strategic partnership reaffirms our efforts to transform Dubai Industrial City into a world-class business destination for manufacturing and logistics. The partnership will galvanize our business community, unlock new investment opportunities, create skilled jobs and consolidate Dubai’s position as a business-friendly hub for trade and commerce. With additional capital expenditure, we hope the SME sector will be empowered to play an even greater role in advancing the UAE’s national industrial transformation and building a knowledge and innovation-based economy. We look forward to working in partnership with EDB on this imperative initiative.”
Mr. Shaker Zainal, Head of Business Finance at EDB said, “Through this agreement with Dubai Industrial City, we will offer the right support to finance SMEs. We are always keen on cooperating with related entities, especially in terms of financing small and medium-sized enterprises, and we believe that this collaboration with one of the region’s largest industrial hubs will help us reach potential customers and study the possibility of funding them.”