Arab News, Monday, Aug 23, 2021 | Muharram 15, 1443
Dubai Industrial City, Emirates Development Bank sign deal to boost SMEs financing
Emirates:
Dubai Industrial City, a
member of Dubai Holding Asset Management, has signed a deal with Emirates
Development Bank (EDB) to provide financing and banking solutions to small and
medium-sized enterprises and support the growth of national industries such as
advanced manufacturing and logistics, both parties said in a statement.
“Through this agreement with Dubai Industrial
City, we will offer the right support to finance SMEs. We are always keen on
cooperating with related entities especially in terms of financing small and
medium-sized enterprises, and we believe that this collaboration with one of the
region’s largest industrial hubs will help us reach potential customers and
study the possibility of funding them," Shaker Zainal, head of business finance
at EDB said.
Saud Abu Al-Shawareb, managing director of Dubai
Industrial City, said: “With additional capital expenditure, we hope the SME
sector will be empowered to play an even greater role in advancing the UAE’s
national industrial transformation and building a knowledge and innovation-based
economy.”
Earlier in the year, EDB announced it had
allocated an investment portfolio of AED30 billion until 2025, to support the
development of industrial sector. This is part of EDB’s commitment to support
the goals of the National Agenda under Operation 300 bn – a 10-year strategy to
empower the country’s industrial sector by boosting the SME ecosystem in UAE as
well as enhancing the contribution of SMEs to the country’s GDP.