Emirates Development Bank lends over Dhs700m to UAE’s industrial sector

UAE’s Emirates Development Bank (EDB) has allocated a Dhs700m financing package to the nation’s industrial sector since the beginning of 2021.

The package was made available to industrial companies across five priority sectors – industry, technology, healthcare, food security and infrastructure – to underpin expansion and integration of advanced technologies, a statement said.

Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology (MoIAT), said: “The allocation of the first package of financing offered by EDB to industrial companies is strategically important, as it represents a practical step towards achieving the UAE government’s comprehensive vision to support the transition towards a diverse and resilient knowledge economy. This step will increase the productivity of the industrial sector and enhance its ability to attract foreign direct investment. The financing of the adoption of 4IR solutions will also stimulate sustainable economic growth in the country.”

“In light of our partnership with MoIAT, EDB’s priorities in the new strategy include enhancing the levels of financial support available to the economic and industrial sectors,” added Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB. “This includes increasing direct facilities to support priority sectors and providing financing solutions to under-serviced economic segments. Our financial support of more than Dhs700m to UAE-based companies reflects the strong growth achieved since the launch of the strategy.”

As part of EDB’s strategy, which was unveiled earlier this year, the bank allocated direct and indirect financial packages to SMEs, startups and corporates in priority industrial sectors. Within the remit of this strategy, EDB supports more than 13,500 companies.

EDB has unveiled a series of partnerships to bolster the economic landscape and lend support to local entities.

Earlier this year, EDB partnered with fintech company YAP to launch the EDB Business Banking app to support small and medium-sized enterprises (SMEs).

Read: UAE’s Emirates Development Bank partners with YAP to launch business banking app for SMEs

It also inked an MoU with Mashreq Bank to provide credit guarantee programmes for SMEs.

Read: Emirates Development Bank inks MoU with Mashreq for SME credit guarantee programmes

Another MoU with the National Bank of Umm Al Qaiwain (NBQ) in June this year helped facilitate strategic financing options for locally operating SMEs as well.

Read more: UAE’s Emirates Development Bank, NBQ partner to facilitate SME financing