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Sheikh Mohammed authorizes $8.2bln financial assistance to companies to boost UAE economy

His Majesty Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has accepted the Emirates Development Bank (EDB) Strategy, which will offer a sizable AED30 billion in financial assistance to companies and start-ups, as a significant move toward driving the national economy.

Sheikh Mohammed bin Rashid Al Maktoum said, "Advancing the national economy is a top priority that will take a collaborative effort from all of our economic institutions in the coming process. To optimize the revenue of the manufacturing sector and improve the wider economy, we must follow a distinct vision that reacts to global developments and sustains growth."

"The policy of the Emirates Development Bank is a significant step forward that will strengthen the bank's status as a key economic driver. By offering effective financial alternatives, SMEs would be able to play a greater role in shaping the economy of our region."

H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; and H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Relations, among other delegates and officials, attended the presentation of the EDB Policy.

Sheikh Mohammed bin Rashid earlier this month launched Operation 300bn, a 10-year holistic plan to more than double the industrial sector's contribution to the UAE's GDP and place the UAE as a global industrial hub by 2031.

Assisting with Operation 300 billion Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and Chairman of the EDB, outlined the policy goals and priorities of the bank. The bank allocated a portfolio of AED30 billion to fund target industrial sectors over a five-year term, which will lead to the funding of more than 13,500 SMEs and the creation of 25,000 jobs.

"Operation 300 billion is a detailed national initiative aimed at increasing the manufacturing sector's contribution to the UAE's long-term economic development. The UAE Development Bank and the Ministry of Business and Advanced Technology will partner to support large businesses, SMEs, and entrepreneurs in a range of industries, including hospitals, infrastructure, food security, and technology," Al Jaber said.

Al Jaber claimed that EDB would serve as a vital financial driver for the national industrial strategy Activity 300bn, in addition to its continuing mandate to provide Emiratis with housing finance. "Via targeted financing schemes and dedicated investment funds to support developers, founders, and SMEs, the new EDB initiative would further foster economic development and the adoption of innovative technology."

Al Jaber said, "We thank His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for approving the Emirates Development Bank's new strategy, which aims to encourage entrepreneurship and innovation in the UAE's booming manufacturing sector by providing financing options to major companies, entrepreneurs, and SMEs."

"His Majesty Sheikh Mohammed bin Rashid Al Maktoum is optimistic that our country will achieve a number of significant achievements over the next 50 years. Furthermore, His Majesty Sheikh Mohamed bin Zayed Al Nahyan has emphasized the importance of a united national endeavor, urging the whole country to increase their contributions tenfold in order to meet the nation's lofty goals," he added.

In addition, in 2022, the bank will open an AED1 billion venture fund for start-ups and SMEs, with an emphasis on manufacturing companies in target sectors in need of funding and investment.

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Posted on :4/7/2021