Emirates Development Bank (EDB) has signed a strategic agreement with Dubai Industries & Exports (Dubai IE) to provide innovative financing and banking solutions to SMEs and corporates
The initiative is aimed at supporting the growth of UAE’s industrial sectors and exports.
Ahmed Mohamed Al Naqbi, CEO of EDB, said EDB is the financing arm of the UAE Ministry of Industry & Advanced Technology in the ‘Operation 300bn’ transformative strategy.
“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 Operation 300bn,” he said.
Signed by Ahmed Mohamed Al Naqbi, CEO of EDB, and Saed Al Awadi, CEO of Dubai IE, the agreement is aimed at boosting strategic cooperation between the two entities in developing the industrial sector in Dubai and the UAE, and provide opportunities for local and international companies to set up manufacturing and industrial facilities in the emirate and boost the exports.
EDB also organized a roadshow in partnership with Dubai IE at Expo 2020 Dubai to highlight its financial solutions for SMEs and corporates.
EDB has also allocated AED30 billion as a direct and indirect financial bundle to finance SMEs, startups, and corporates in priority industrial sectors. EDB seeks to contribute AED 10 billion to the country’s GDP, support more than 13,500 companies, and create 25,000 jobs over the next five years.
Over 63 participants from Dubai IE members, representing UAE-based companies attended the roadshow. The participants included several industrial entities and some engaged in advanced technology solutions.
EDB and Dubai IE sign pact to offer UAE exporters access to finance
- The finance will help exporters expand their global value chains, said CEO of EDB.
- EDB has also allocated AED30 billion as a direct and indirect financial bundle to finance SMEs, startups, and corporates.