Abu Dhabi, UAE, October 20, 2021: Emirates Development Bank [EDB], a key financial enabler of the UAE’s economic diversification and industrial transformation agenda, and the Abu Dhabi Investment Office [ADIO] have announced the signing of a Memorandum of Understanding (MoU) to collaborate on promoting business setup and foreign direct investments into Abu Dhabi.
The MoU between EDB and ADIO aims to help private sector companies establish and grow in the Emirate of Abu Dhabi, while playing a key role in the overall economic growth of the Emirate.
EDB and ADIO will explore areas of collaboration to effectively support investments into Abu Dhabi from SMEs, startups, and large enterprises; facilitate ease of doing business in Abu Dhabi; provide supply chain financing to Abu Dhabi-based companies; and assist with the scale-up of operations of Abu Dhabi-based companies.
Ahmed Mohamed Al Naqbi, CEO of EDB, said: “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. We believe these efforts will create new opportunities, boost collaboration, expand the value chains for UAE-based entities, and contribute to the country’s economic growth and productivity surge. EDB can act as a catalyst for attracting foreign direct investments into Abu Dhabi through this collaboration with ADIO and other ecosystem partners.”
He added: “EDB will work closely with ADIO to empower and enable the industrial sector and enhance the competitiveness of Abu Dhabi as well as UAE-based entities. This is integral to the ‘Operation 300bn’, a comprehensive and integrated national program launched by the government to enhance the contribution of the industrial sector to UAE’s sustainable economic development and growth.”
H.E. Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development, said, “As part of Abu Dhabi’s commitment to support the growth of the private sector, two major business enablers are partnering to help companies establish and scale up operations in the emirate. The partnership between ADIO and EDB will catalyze long-term opportunities in Abu Dhabi and take support for investors to the next level.”
Monira Al-Kuttab, Executive Director, ADIO, said, “This MoU materialises the commitment of ADIO and EDB to cooperate toward the economic development of Abu Dhabi through the expansion of the private sector. Jointly, we will provide investors with powerful resources to empower their establishment and growth in the emirate.”