Mohammed Bin Rashid Al-Maktoum, Vice president, prime Minister and Ruler of Dubai, said in an announcement that the UAE government has approved an AED30 billion ($8.2 billion) package to support economic growth in potential companies. Sheikh Mohammed gave approvals for the Emirates Developmental Bank (EDB) in this regard. He said in a statement that the national economy is a top priority requiring the combined efforts of all the economic entities in the coming phases.
The EDB Strategy was launched in the presence of 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 Cooperation, among other delegates and officials. This program will create 25,000 jobs in industrial sectors and also benefits over 13,500 businesses, according to a statement. This program is launched to support UAE’s Operation 300bn, a 10-year strategy to leverage the bank’s role as a key driver to the economy. By 2031, the country’s GDP can also raise to 300 billion dirhams. A portfolio of AED30 billion has been allocated by the EDB bank in order to aid priority industrial sectors in the next 5 years. This move will surely finance over 13,500 SME’s.
Following a particularly turbulent year of lockdowns and closures during the pandemic, the Emirates Development Bank Strategy was positively received by the UAE’s SMEs and startup community. An AED1 billion ($272.3 million) investment funds for SMEs and start ups in 2022 as well be launched by the bank.
It is the responsibility of the bank for consolidating partnerships with UAE banks to strengthen SMEs. And also bank only can boost direct financing by 73% this year, all while focusing on underserved sectors with financial solutions. In addition to providing flexible housing solutions, EDB will complement its offering to companies and entrepreneurs with training, counselling and guidance for UAE citizens and residents.
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