Emirates Development Bank and Abu Dhabi Investment Office have signed an MoU to promote business establishments and Foreign Direct Investments, according to local reports.
The main aim of the deal is the expansion of the private sector in Abu Dhabi and an inclusive economic growth of the emirate, said the reports.
The collaboration between two entities is expected to enable investment in Abu Dhabi from SMEs, big firms and startups as well as helping in ease of doing business in the emirate.
Aiding in supply-chain financing and scaling up operations of Abu Dhabi-based companies are also said to be among the targets of the MoU.
The local reports quoted EDB CEO Ahmed Mohamed Al Naqbi as saying: “EDB is pleased to be partnering with ADIO to enable growth and economic diversification in Abu Dhabi and the UAE, which is in line with our future focused strategy.”
He added: “EDB can act as a catalyst for attracting foreign direct investments into Abu Dhabi through this collaboration with ADIO and other ecosystem partners.”
Abu Dhabi Department of Economic Development Chairman Mohammed Ali Al Shorafa was quoted by the reports as saying: “The partnership between ADIO and EDB will catalyze long-term opportunities in Abu Dhabi and take support for investors to the next level.”