Sharjah Chambers and EDB unite to support UAE-based manufacturers and SMEs

By Arya M Nair, Official Reporter
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The Sharjah Chamber of Commerce and Industry (SCCI) and the Emirates Development Bank (EDB), a key financial enabler of the UAE’s economic diversification and industrial transformation agenda, signed a Memorandum of Understanding (MoU) to support the development and growth of UAE-based manufacturers, exporters, and SMEs.

Both parties will strengthen partnerships to develop joint entrepreneurship programs, raise awareness, and foster knowledge sharing as part of the MoU. The EDB will provide direct and indirect lending, equity capital, and non-financial support in the form of mentorship and business guidance to SMEs and start-ups in priority industries.

“The ultimate purpose for this MoU is to promote economic diversification and support the strategic goals outlined by the Ministry of Industry and Advanced Technology,” stated Mr. Abdullah Sultan Al Owais, Chairman of the SCCI.

Through the partnership, the EDB’s innovative banking solutions will seek to empower manufacturers and SMEs in the Emirate of Sharjah, as well as join with the Sharjah Export Development Centre to improve financial access for exporters. Moreover, the SCCI’s “Sadr” Fund will provide exporters with the necessary liquidity and mitigate risks in export operations by providing credit protection.

Ahmed Mohamed Al Naqbi
Ahmed Mohamed Al Naqbi

“In line with our new strategy, the EDB is pleased to work with the Sharjah Chamber of Commerce and Industry to help the industrial and SME sectors, which continue to play a crucial role in the country’s economic diversification and long-term growth. Through our collaborative efforts, we will provide financial and non-financial support to entities operating in priority sectors to ensure that they are viable in the long run and can make a valuable contribution to the UAE’s growth journey.”

EDB revealed its new strategy this year strengthening its position as a key driver of the UAE’s economic recovery. It provides financial and non-financial assistance to SMEs, startups, and large companies in the UAE that operates in strategic priority sectors, in order to increase their non-oil GDP contribution.

Related: UAE’s EDB & Mashreq Bank unite to provide Credit Guarantee programs for SMEs