
Dubai Industrial City, Emirates Development Bank sign strategic agreement to boost advanced manufacturing, industrial growth
Agreement will enhance sustainable development and
economic expansion of advanced industrial sectors under Operation 300bn
Dubai-UAE: 22 August, 2021 – Dubai
Industrial City, a member of Dubai Holding Asset Management, has signed a
strategic agreement with Emirates Development Bank [EDB], a key financial
enabler of the country’s economic diversification and industrial transformation
agenda, to provide innovative financing and banking solutions to small and
medium-sized enterprises and support the growth of vital national industries
such as advanced manufacturing and logistics.
Signed by Saud Abu Al-Shawareb, Managing Director of
Dubai Industrial City and Shaker Zainal, Head of Business Finance at EDB, the strategic
agreement aims to support Dubai Industrial City’s efforts to develop the
industrial sector in Dubai and the UAE, provide new opportunities to attract local and international manufacturing companies, and offer financial
solutions to develop state-of-the-art infrastructure.
The agreement also 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.
Shaker Zainal, Head of Business Finance at EDB, said: “Through this
agreement with Dubai Industrial City, we will offer the right support to
finance SMEs. We are always keen on cooperating with related entities
especially in terms of financing small and medium-sized enterprises, and we
believe that this collaboration with one of the region’s largest industrial
hubs will help us reach potential customers and study the possibility of
funding them. We will also work together on developing entrepreneurship and
awareness programmes and sharing industrial knowledge.”
Saud Abu Al-Shawareb, Managing
Director of Dubai Industrial City, said: “Today’s strategic partnership reaffirms
our efforts to transform Dubai Industrial City into a world-class business
destination for manufacturing and logistics. It will galvanize our business
community, unlock new investment opportunities, create skilled jobs and
consolidate Dubai’s position as a business-friendly hub for trade and commerce.
With additional capital expenditure, we hope the SME sector will be empowered
to play an even greater role in advancing the UAE’s national industrial
transformation and building a knowledge and innovation-based economy. We look
forward to working in partnership with EDB on this imperative initiative.”
Earlier in the year, EDB announced it had allocated an
investment portfolio of AED30 billion until 2025, to support the development of
industrial sector. This is part of EDB’s commitment to support the goals of the
National Agenda under Operation 300 bn – a 10-year strategy to empower the
country’s industrial sector to propel a sustainable national economy by
boosting the SME ecosystem in UAE as well as enhancing the contribution of SMEs
to the country’s GDP.
As part of Operation 300bn strategy, the future
roadmap of EDB is focused on boosting the industrial sector in the UAE and
supporting 13,500 SMEs by 2031. Within this ambit, EDB offers direct and
indirect lending for SMEs (Supply Chain, Project & Long-term Finance), an
investment arm for startups and SMEs (accelerator, equity finance, business
growth fund) as well as business advisory services for entrepreneurs, startups
and small companies (coaching, consulting, mentoring, market research).
Established in 2004, Dubai Industrial City is one of
the region’s largest industrial manufacturing and logistics hubs and an
essential part of the Dubai’s Industrial Strategy 2030. It is home to more than
750 business partners, including 200 factories. It has been a catalyst for the
growth and expansion of the UAE’s industrial sector with a world-class
masterplan divided into sector-focused zones, including minerals, base metals,
F&B, trade and distribution, transportation, chemicals, and machinery and
equipment.
Providing a convenient and cost-effective work
environment for manufacturing and industrial activity, it offers an enabling ecosystem
offering industrial and commercial land, retail showrooms, warehouses, office
buildings, open yard storage, and residential accommodation. It is also strategically
located nearby Jebel Ali Port and Al Maktoum International Airport, providing
an opportunity to reach two-thirds of the world’s population in eight hours.