UAE’s Ministry of Industry and Advanced Technology (MoIAT) has revealed that the leading financial institution Emirates Development Bank (EDB) has allocated $191 million (AED700 million) worth of financial package to support the industrial sectors in the Emirates.
According to the statement, the package is allocated to five priority sectors, such as industry, technology, healthcare, food security, and infrastructure, in order to finance expansion activities and the integration of innovative technologies.
This initiative is part of the strategic partnership between the ministry and EDB to implement the National Strategy for Industry and Advanced Technology. In addition to supporting the objectives of the Ministry and the Bank, the funding intends to improve the performance and productivity of the industrial sector.
“The allocation of the first package of financing offered by Emirates Development Bank to industrial companies is strategically important, as it represents a practical step towards achieving the UAE government’s comprehensive vision to support the transition towards a diverse and resilient knowledge economy. This step will increase the productivity of the industrial sector and enhance its ability to attract foreign direct investment. The financing of the adoption of 4IR solutions will also stimulate sustainable economic growth in the country.”
Mr. Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB said, “In light of our partnership with MoIAT, EDB’s priorities in the new strategy include enhancing the levels of financial support available to the economic and industrial sectors. This includes increasing direct facilities to support priority sectors and providing financing solutions to underserviced economic segments.”
“We aim to create a conducive ecosystem that contributes to achieving the vision of the leadership and the government’s directives to support a knowledge-based economy in the next decade so that the UAE becomes a global industrial hub,” added Mr. Al Naqbi.
As per the statement, EDB allocated direct and indirect financing packages to small and medium-sized enterprises (SMEs), startups, and corporates in priority industrial areas as part of its strategy, which was launched earlier this year.