Emirates Development Bank (EDB), a key financial catalyst for the UAE’s economic diversification and industrial transformation program, has signed a strategic agreement with Dubai Industries & Exports (Dubai IE) to provide innovative financing and banking solutions to SMEs and companies aimed at supporting the growth of the UAE’s industrial sectors and exports.
Signed by Ahmed Mohamed Al Naqbi, CEO of EDB, and Engineer Saed Al Awadi, CEO of Dubai IE, the agreement aims to strengthen the strategic cooperation between the two entities in the development of the industrial sector in Dubai and the Arab Emirates. united, and to provide opportunities for international companies to set up manufacturing and industrial facilities in the Emirate and to stimulate exports.
This partnership aligns with EDB’s ongoing efforts to enable the UAE’s industrial transformation and economic diversification agenda, build a knowledge-based economy, increase global competitiveness and sustainable growth, and support startups and SMEs, which are the main engines of the national economy.
EDB also organized a roadshow in partnership with Dubai IE at EXPO 2020 to highlight its financial solutions for SMEs and businesses. Over 63 participants from EI Dubai members representing UAE-based companies including a number of industry entities and some engaged in cutting-edge technology solutions attended the roadshow.
Ahmed Mohamed Al Naqbi, CEO of EDB, said: “EDB is delighted to enter into this strategic agreement with Dubai Industries & Exports, which is a key step in its strategic plans to support and finance companies towards industrial growth and stimulation. of exports. We believe that this collaboration will help us reach potential customers and explore the possibility of financing them. We will also work together to develop entrepreneurship, awareness programs and the sharing of industrial knowledge.
He added, “As the financial arm of the UAE Ministry of Industry and Advanced Technology under the ‘Operation 300 billion’ strategy, we naturally took this initiative to re-emphasize the importance to support enterprises, improve technology adoption and industrial development. in the countryside. With Dubai IE, we will work with UAE exporters to provide them with access to export finance to expand their global value chains and contribute to the country’s economic growth and increased productivity, in line with the vision of the 300 billion operation roadmap.
Saed Mohamed Alawadi, CEO of Dubai IE, said: “Dubai Industries & Exports is delighted to partner with the Emirates Development Bank as our strategic objectives are perfectly aligned and complementary. Our two organizations strive to foster the industrial development and globalization of the United Arab Emirates, through accelerated adoption of advanced technologies in addition to fostering the growth of innovative SMEs in Dubai and the United Arab Emirates. The range of services EDB provides in the industrial finance, business mentoring and corporate training spaces is unmatched and we look forward to our clients benefit from this strategic collaboration.
As the financial driver of the $ 300 billion operation roadmap unveiled by the UAE government earlier this year, EDB is focused on contributing to the growth of the UAE industrial sector, paving the way for economic diversification, sustainable economic development of local industries, GDP growth, stimulate private sector growth and increase exports.
EDB has also allocated AED 30 billion in the form of direct and indirect financial packages to finance SMEs, startups and companies in priority industrial sectors. EDB seeks to contribute AED10 billion to the country’s GDP, support more than 13,500 businesses and create 25,000 jobs over the next five years.—TradeArabia News Service
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