KHALEEJ TIMES, Tuesday, Apr 6, 2021 | Shaaban 23, 1442
Sheikh Mohammed launches Dh30 billion initiative to boost economy
Emirates:
The Ruler of Dubai on Monday announced a new strategic programme to
boost vital sectors in the country.
Under the initiative, Emirates Development Bank (EDB) will provide a sizeable
Dh30 billion financial support to businesses and start-ups in a major step to
drive the national economy.
Launched to support Operation 300bn, the EDB Strategy aims to leverage the
Bank’s role as a key driver of the national economy to provide the largest
support network for the industrial sector.
This was announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice
President and Prime Minister of UAE and Ruler of Dubai.
“We launched the new strategic program of the Emirates Development Bank, a
financing portfolio worth Dh30 billion to stimulate a group of vital sectors of
national priorities," said His Highness Sheikh Mohammed bin Rashid Al Maktoum,
Vice-President and Prime Minister of the UAE and Ruler of Dubai.
"The goal is to finance 13,500 new companies in these sectors in the coming
years,” he said in a post on Twitter.
“Advancing the national economy is a top priority that requires a joint effort
of all our economic entities in the coming phase," he added. "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.”
Commenting on the state of the UAE economy, he noted: “Our national economy is
doing well and progressing well. We have assets in the state banks exceeding Dh3
trillion to push our economy towards new horizons."
The Dubai Ruler then extended a warm invitation to anyone who wishes to pursue
their dreams in the country.
"We welcome everyone to make their dream in the United Arab Emirates. We welcome
their future with us in the country of the future,” he said.
His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and
Deputy Supreme Commander of the UAE Armed Forces, also commented on the launch,
affirming the UAE's commitment to support ideas to bolster the economy.
"The strategy of the Emirates Development Bank is an ambitious additional driver
for the development of the national economy and a major supporter of companies
and small and medium enterprises."
"We are committed to support exceptional initiatives and qualitative and
creative ideas that support industry and advanced technology and that keep pace
with our future development priorities,” he added.
Operation 300bn was launched earlier this year as a 10-year comprehensive
strategy to more than double the industrial sector's contribution to the
country's GDP, positioning the UAE as a global industrial hub by 2031.
|