Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, has given the go-ahead on a strategy to provide AED 30bn of financial support to businesses and start-ups in a major step to drive the national economy.
The Emirates Development Bank (EDB) Strategy aims to leverage the bank’s importance as a pillar of the national economy by providing a support network for the industrial sector in the region.
The AED 30bn will support priority industrial sectors over five years, and contribute to financing more than 13,500 SMEs and creating 25,000 jobs.
Sheikh Mohammed bin Rashid Al Maktoum said that advancing the national economy was a top priority requiring a joint effort of all economic entities.
“We must adopt a distinctive vision that meets global trends and sustains development to maximise the industrial sector’s revenue and boost the broader economy,” he said.
“The Emirates Development Bank 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.”
The strategy forms part of the UAE's ‘Operation 300bn’ ten-year initiative to more than double the industrial sector’s contribution to the country’s GDP. The project aims to reach AED 300bn by 2031, and position the UAE as a global industrial hub.
Sultan Al Jaber, minister of industry and advanced technology and chairman of EDB said Operation 300bn was 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 Emirates Development Bank will extend support to large corporations, SMEs and entrepreneurs across various industries including healthcare, infrastructure, food security and technology,” he said.
He added the EDB would act as a critical financial engine for the national strategy, alongside its continued mandate to provide Emiratis with housing finance.
As well as dedicated financing programmes and investment funds to support entrepreneurs, start-ups and SMEs, the EDB will provide flexible housing solutions and offer companies and entrepreneurs training, counselling and guidance for UAE citizens and residents.
Al Jaber said the EDB would also provide supply chain support, project financing, long-term financing, business accelerators, equity capital financing, and a business growth support fund.
He added that maintaining and furthering sustainable economic development in the post-Covid-19 era was a priority for the UAE’s leadership.