Sunday 18 April 2021

UAE approves $8.6bn financial aid for industrial firms, SMEs

ABU DHABI, 12 days ago

HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, has approved the Emirates Development Bank (EDB) Strategy to provide a sizeable AED30 billion ($8.16 billion) financial support to businesses and start-ups in a major step to drive the national economy.
Launched to support “Operation 300bn”, the EDB Strategy aims to leverage the bank’s role as a key driver of the national economy to provide the largest support network for the industrial sector.
The EDB Strategy was launched in the presence of Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, among other delegates and officials.
Speaking at the launch, Sheikh Mohammed said: "Advancing the national economy is a top priority that requires a joint effort of all our economic entities in the coming phase."
"We must adopt a distinctive vision that meets global trends and sustains development to maximize the industrial sector’s revenue and boost the broader economy," he stated.
Sheikh Mohammed said: "The EDB Strategy presents a giant leap that will leverage the bank’s role as a key driver of the national economy. Providing effective financial solutions will support the role of SMEs as main players in shaping our national economy."
Sheikh Mohammed bin Rashid Al Maktoum had launched Operation 300bn earlier in March as a 10-year comprehensive strategy to more than double the industrial sector's contribution to the country's GDP, positioning the UAE as a global industrial hub by 2031.
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Chairman of EDB, highlighted the bank’s strategy pillars and objectives.
Under the strategy, the bank had allocated a portfolio of AED30 billion to support priority industrial sectors over a period of five years, which will contribute to financing more than 13,500 SMEs and creating 25,000 jobs.
Al Jaber noted that the launch of the strategy is based on EDB's role as a key driver of the national economic development that provides a large support network for the industrial sector in line with the Industrial Strategy 2021-2031 objectives.
"Operation 300bn is a comprehensive national programme aimed at enhancing the contribution of the industrial sector to the UAE’s sustainable economic growth. Through close collaboration, the Ministry of Industry and Advanced Technology and the EDB will extend support to large corporations, SMEs and entrepreneurs across various industries including healthcare, infrastructure, food security and technology," Dr Al Jaber.
According to him, EDB will act as a critical financial engine for the national industrial strategy Operation 300bn, alongside its continued mandate to provide Emiratis with housing finance. 
"The new EDB strategy will help accelerate industrial development and the adoption of advanced technology through dedicated financing programs and will also provide dedicated investment funds that will support entrepreneurs, start-ups and SMEs, he added.-TradeArabia News Service


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