Agreement aimed at enhancing sustainable development and economic expansion of advanced industrial sectors under Operation 300bn
Dubai, November 15 2021: Emirates Development Bank [EDB], 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.”