Emirates Development Bank, a key financial enabler of the country’s economic diversification and industrial transformation agenda, has signed a strategic agreement with Dubai Industries & Exports (Dubai IE) to provide innovative financing and banking solutions to SMEs and corporates aimed at supporting the growth of 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 boost 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.
This partnership aligns with EDB’s continuous efforts to enable the industrial transformation and economic diversification agenda in the UAE, build a knowledge-based economy, increase global competitiveness and sustainable growth, and support startups and SMEs, which are key drivers of the national economy.
EDB also organised a roadshow in partnership with Dubai IE at EXPO 2020 to highlight its financial solutions for SMEs and corporates. Over 63 participants from Dubai IE members, representing UAE-based companies, included a number of industrial entities and some engaged in advanced technology solutions, attended the roadshow.
Ahmed Mohamed Al Naqbi, CEO of EDB, said: “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 programmes, and sharing industrial knowledge.”
He added: “Being the financing arm of the UAE Ministry of Industry & Advanced Technology in the ‘Operation 300bn’ strategy, we have naturally taken up this initiative to re-emphasise the importance of supporting businesses, enhancing the adoption of technology and industrial development in the country. 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.”
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 organisations 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.”
As the financial driver in Operation 300bn roadmap unveiled by the UAE Government earlier this year, EDB is focused on contributing to the growth of industrial sector in the UAE, paving the way for economic diversification, sustainable economic development of local industries, growth of GDP, boosting private sector growth and increase in exports.
EDB has also allocated AED 30 billion as 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.