PHOTO
Emirates Development Bank (EDB), the key financial engine of UAE economic development and industrial advancement, has announced an unprecedented commitment of AED 5 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.
In alignment with government priorities, EDB continues to deliver on its mission of fostering a healthy, sustainable, and self-reliant economy, with 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.
This announcement was made at the Make it in the Emirates (MIITE) forum, organised by the Ministry of Industry and Advanced Technology (MoIAT), highlighting the critical role of strategic partnerships in achieving the nation's economic goals. 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.
Commenting on the announcement, Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, said, "By strategically allocating this significant amount in financing, including AED 1 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 are committed 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."
Since the launch of its strategy in April 2021 to the end of Q1 2024, EDB’s support for the manufacturing sector reached AED 4.7 billion in financing, constituting 46% 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. As EDB continues to support the Make it in the Emirates initiative, this AED 5 billion financing commitment is expected to 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. EDB's strategy focuses not only on financial support but also on fostering an ecosystem conducive to industrial innovation and growth, and the Make it in the Emirates initiative, spearheaded by MoIAT, has been instrumental in promoting increased local production and self-reliance.