Emirates News Agency – Mohammed bin Rashid approves AED 30 billion financial support for businesses to boost economy

DUBAI, April 5, 2021 (WAM) – His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, approved the strategy of the UAE Development Bank (EDB) to provide significant financial support of AED 30 billion to businesses and start-ups in a major step to boost the national economy.

Launched to support the “300 billion operation”, the EDB strategy aims to leverage the role of the Bank as a key engine of the national economy to provide the largest network of support to the industrial sector.

Sheikh Mohammed bin Rashid Al Maktoum said: “The promotion of the national economy is a top priority which requires a joint effort of all our economic entities in the coming phase.”

He added: “We need to adopt a distinctive vision that responds to global trends and supports development in order to maximize the revenues of the industrial sector and stimulate the economy as a whole.

“The UAE Development Bank’s strategy represents a giant leap forward in leveraging the bank’s role as a key driver of the national economy. Providing effective financial solutions will support the role of SMEs as key players in shaping our national economy.

The EDB strategy was launched in the presence of Lieutenant General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; and HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, among other delegates and officials.

Sheikh Mohammed bin Rashid launched the $ 300 billion operation earlier in March as part of a comprehensive 10-year strategy to more than double the contribution of the industrial sector to the country’s GDP, positioning the UAE as a global industrial center. by 2031.

Support for the 300 billion operation Dr Sultan Al Jaber, Minister of Industry and Advanced Technologies and President of EDB, presented the pillars and objectives of the Bank’s strategy.

As part of this strategy, the Bank has allocated a portfolio of AED 30 billion to support priority industrial sectors over a period of five years, which will help finance more than 13,500 SMEs and create 25,000 jobs.

Al Jaber noted that the launch of the strategy builds on the role of the Bank as a key driver of national economic development which provides an extensive network of support to the industrial sector in line with the goals of the 2021-2031 industrial strategy.

He said: “Operation 300 billion is a comprehensive national program aimed at strengthening the contribution of the industrial sector to the sustainable economic growth of the UAE. Through close collaboration, the Ministry of Industry and Advanced Technologies and the UAE Development Bank will provide support to large companies, SMEs and entrepreneurs from various sectors including healthcare, infrastructure, food security and technology. “

Al Jaber noted that EDB will act as a key financial driver for the national industrial strategy Operation 300 billion, alongside its continued mandate to provide the Emiratis with housing finance. “The new EDB strategy will help accelerate industrial development and the adoption of advanced technologies through dedicated funding programs and will also provide dedicated investment funds that will support entrepreneurs, start-ups and SMEs.”

In addition to providing flexible housing solutions, EDB will complement its offering to businesses and entrepreneurs with training, advice and guidance for UAE citizens and residents. “EDB aims to cultivate a spirit of innovation, with a focus on industries that our leaders have identified as critical to the country’s long-term sustainable growth,” he said.

Al Jaber noted, “EDB will provide other tools, including supply chain support, project finance, long-term finance, business accelerators, equity finance and a support for business growth. “

He added that maintaining and promoting sustainable economic development in the post-COVID-19 era is a priority for UAE leaders.

“We are grateful to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, for endorsing the new strategy of the UAE Development Bank, which aims to boost the Entrepreneurship and innovation in the UAE’s dynamic industrial sector provide financing solutions to large companies, entrepreneurs and SMEs. “

He added: “His Highness Sheikh Mohammed bin Rashid Al Maktoum is confident that our country will reach many important milestones over the next 50 years. And His Highness Sheikh Mohamed bin Zayed Al Nahyan stressed the need for a unified national effort, calling on the whole country to increase its efforts tenfold to ensure that the country’s ambitious goals are met. “

Al Jaber said that “ Along with the close cooperation between the ministry and the EDB, the 300 billion operation is the result of a huge collaborative effort with our stakeholders, which in turn enabled and enabled us to develop practical and integrated solutions that we can start to implement correctly. a way.”

EDB Priorities Al Jaber underlined that in the next phase, EDB will step up the financial support provided to the industrial sector. Its priorities include establishing partnerships with UAE banks to expand financial services to small and medium-sized industrial enterprises and increasing its direct funding by 73% in 2021 to support priority sectors, while also focusing on underserved areas with extensive financial solutions.

The Bank will also launch an AED 1 billion investment fund for start-ups and SMEs in 2022 and target industrial companies in priority sectors that need financing and investment.

Driving the National Economy The strategy expands the Bank’s continued role in promoting the national economy. Since its inception, the Bank has supported 550 businesses, providing AED1.8 billion in business loans to SMEs. The Bank has provided housing loans worth AED 2.4 billion, in addition to its $ 750 million 5-year senior bonds under a $ 5 billion program .

Source link

About Bernard Kraft

Check Also

Flow Announces Completion of Subscription Receipt Funding

Flow and RG One are also pleased to announce the closing on March 1, 2021 …