Emirates Development Bank (EDB), the fully-owned UAE Federal Government financial entity, has received a high-level delegation from Emirati Entrepreneurs Association (EmiratiEA) to discuss closer collaboration and accelerate support for Emirati startups and SMEs.
According to the statement, this is part of its commitment to support the Emirati entrepreneurial ecosystem and boost their contribution to the UAE’s economic growth.
EDB and the EmiratiEA officials discussed strategies to support Emirati entrepreneurs and boost angel investments in the country to act as a catalyst to develop locally born startups into viable global ventures.
“The EDB is committed to not only support Emirati entrepreneurs and SMEs in line with the UAE leadership’s vision to diversify the country’s economy but to aid the country’s mission in being the number one startup ecosystem in the world. As part of this, EDB is delighted to collaborate with the EmiratiEA on supporting the startups and SMEs owned and managed by UAE Nationals and helping young businesses grow and reach their full potential, in turn enabling them to contribute to economic growth and employment opportunities. Through these meetings, we look at discussing the challenges that Emirati SMEs and entrepreneurs face, and by way of this collaboration, we aim to grow the entrepreneurial ecosystem and drive industrial growth in the country for the next 50 years.”
Furthermore, the meeting reviewed the challenges faced by Emirati entrepreneurs and SMEs, including funding, and discussed opportunities where EDB could support the association members.
Mr. Al Naqbi further added that “the discussions stem from EDB’s proactive approach with its stakeholders to listen to their concerns and challenges, to tailor products and solutions for them to meet the objective of the bank to advance impact across the UAE’s startup and SME ecosystem, strengthening the UAE’s position as a platform for growth in the region.”
Recently, EDB launched ‘Sanad’, a post-COVID acceleration initiative. The new $27 million (AED 100 million) worth initiative intends to extend quick, easy-to-access, and flexible loans to Emirati-owned and managed businesses looking to accelerate the growth of their businesses post the COVID-19 pandemic.