The Emirates Development Bank (EDB) has announced at the Make it in the Emirates Forum an unprecedented commitment of AED5 billion ($1.36 billion) in financing for 2024, aimed at accelerating the growth of the manufacturing sector across the nation in line with the UAE Industrial Development Strategy.
The finance will drive significant advancements in technology adoption, economic resilience and diversification.
Lending financial support
The EDB has a mandate to provide AED30 billion in financing support to 13,500 companies within its five priority sectors — renewables, manufacturing, advanced technology, healthcare and food security — by 2026.
EDB’s targeted financing includes AED1 billion allocated for co-lending with commercial banks through credit guarantee scheme and multilateral deals, further extending the impact and reach of this financing initiative.
A global hub
Commenting on the announcement, Ahmed Mohamed Al Naqbi, CEO of EDB, said: “By strategically allocating this significant amount in financing, including AED1 billion in co-lending with our partners in commercial banks, we are facilitating the adoption of cutting-edge technologies and fostering innovation that will enhance the UAE’s manufacturing capabilities, positioning our nation as a leading global hub for high-tech industries. This financing demonstrates our confidence in the UAE’s industrial sector and its potential to drive substantial economic growth.”
“Through the Make it in the Emirates initiative and our strategic partnership with MoIAT, we commit to ensuring that these financing deals translate into employment opportunities, enhanced industrial output, greater in-country value, and stronger economic resilience. We believe that the ripple effects of this commitment will be felt across the economy, elevating the UAE’s industrial capabilities and contributing significantly to its national GDP,” he added.
Since the launch of its strategy in April 2021 to the end of Q1 2024, EDB’s support for the manufacturing sector reached AED4.7 billion in financing. This constitutes 46 percent of EDB’s AED10.4 billion total financing. The new substantial financing deal reflects EDB’s strategic focus on strengthening the foundation of the UAE’s industrial sector as a cornerstone of the national economy. Therefore, as EDB continues to support the Make it in the Emirates initiative, this AED5 billion financing commitment will make a significant impact, driving forward the UAE’s vision for a sustainable and diversified economic future.
The financing aims to support a wide range of manufacturing projects, particularly those incorporating advanced technologies that align with the UAE’s ambitious economic diversification plans.
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