Abu Dhabi, UAE, September 27 2020: Emirates Development Bank signed a financing agreement with ipack, a subsidiary of Emirates Business Group, and the first privately owned producer of aseptic packaging material in the gulf region.
Emirates Development Bank financing agreement aims to support the sustainable growth of the industrial development sector that depends on modern technologies.
Faisal Al Bastaki, Chief Executive Officer, Emirates Development Bank, said: “Emirates Development Bank plays a unique role in developing the industrial sector, by providing various financial solutions. We believe that the industry sector represents one of the main economic sectors, and In line With the economic vision of the Government to maintain a sustainable and diversified economy, EDB will stay committed in providing the necessary financial and credit facilities to enhance and increase the presence of local products in the markets.”
Shaker Fareed Abdulrahman Zainal, Business Finance Director at the Emirates Development Bank, “Emirates Development Bank plays a unique role in developing the SME sector and empowering entrepreneurs with opportunities for growth. Not only by providing financial services, we are also offering the Non-Financial Services platform to support entrepreneurs at various stages of their business development. This is a key step forward to ignite entrepreneurial efforts to play a key role in creating a diversified economy.”
iPack is the first privately owned producer of aseptic packaging material in the gulf region of Arabian peninsula. ipack was born as a result of the high regional market demand for aseptic packaging. ipack produces aseptic packaging for a range of products such as milk, juices, cheese, tomato paste, and others. ipack strives to provide aseptic packaging that meets the international standards to customers across the Middle East, North Africa and other markets. Using only the highest quality raw material, ipack is on a never-ending journey to be the provider of excellent packaging solutions.