UAE’s EDB seals pact with Dubai IE to boost industrial growth & exports

By Shilpa Annie Joseph, Official Reporter
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UAE Federal Government fully-owned financial entity Emirates Development Bank (EDB) and Dubai Industries & Exports (Dubai IE) have inked a strategic agreement to offer innovative financing and banking solutions to small and medium-sized enterprises (SMEs) and corporates to assist the expansion of the Emirates’ industrial sectors and exports.

According to the statement, the agreement intends to strengthen strategic cooperation between the two bodies in growing Dubai’s and the UAE’s industrial sectors, as well as give chances for local and foreign enterprises to set up manufacturing and industrial facilities in the Emirates and increase exports.

This collaboration is in line with EDB’s ongoing efforts to support the UAE’s industrial transformation and economic diversification agenda, as well as to build a knowledge-based economy, increase global competitiveness and long-term growth, and support startups and SMEs, which are important drivers of the national economy.

Ahmed Mohamed Al Naqbi
Ahmed Mohamed Al Naqbi

“EDB is thrilled to enter into this strategic agreement with Dubai Industries & Exports, which is a key step in its strategic plans to support and finance corporates towards industrial growth and boosting exports. We believe that this collaboration will help us reach potential customers and study the possibility of funding them. We will also work together on developing entrepreneurship, awareness programs, and sharing industrial knowledge. With Dubai IE, we will work together with the UAE exporters to offer them access to export finance to expand their global value chains and contribute to the country’s economic growth, and productivity surge, in line with the vision of the Operation 300bn roadmap.”

Mr. Saed Mohamed Alawadi, CEO of Dubai IE said, “Dubai Industries & Exports is excited about his partnership with the Emirates Development Bank as our strategic objectives are perfectly aligned and complementary to each other. Both our organizations strive to enable UAE’s industrial development and globalization, through an accelerated adoption of advanced technologies in addition to empowering the growth of innovative SMEs in Dubai and the UAE.”

“The range of services that EDB provides in the industrial financing, business mentoring and corporate training spaces are second to none and we eagerly look forward to our customers benefitting from this strategic collaboration,” Mr. Mohamed Alawadi added.

Related: UAE’s MoIAT unveils ‘Make it in the Emirates Lab’ for industrial sector