Emirates Development Bank (EDB) is playing a crucial role in supporting Operation 300bn by committing Dh5 billion in financing to boost the UAE’s manufacturing sector and create new job opportunities. EDB, a government-owned institution, is offering financial solutions tailored for small and medium enterprises, with a focus on supporting the adoption of cutting-edge technologies and promoting innovation in the manufacturing industry. Through partnerships with commercial banks and credit guarantee schemes, EDB aims to provide targeted financing to boost the nation’s capabilities in high-tech industries.
As part of its commitment to Operation 300bn, EDB plans to provide Dh30 billion in financing support to 13,500 companies in key sectors such as renewables, manufacturing, advanced technology, healthcare, and food security by 2026. The CEO of EDB, Ahmed Mohamed Al Naqbi, emphasized the importance of this financing assistance in driving job creation and economic growth across various sectors. He highlighted the ripple effects of this support, which will contribute significantly to the UAE’s industrial capabilities and national GDP.
Since the launch of its strategy in April 2021, EDB has already provided Dh4.7 billion in financing to the manufacturing sector, representing 46% of its total financing. The new financing deal aims to support a wide range of manufacturing projects, particularly those incorporating advanced technologies aligned with the UAE’s economic diversification plans. By strategically allocating significant funds for financing, EDB is paving the way for enhanced industrial output, in-country value creation, and economic resilience.
The financing support provided by EDB will not only foster innovation and technological advancements in the manufacturing sector but also lead to job creation and economic development across various industries. By partnering with commercial banks and implementing credit guarantee schemes, EDB aims to ensure that financing deals translate into tangible benefits for businesses, including increased industrial output and economic value. The organization’s commitment to driving industrial growth and economic diversification aligns with the UAE’s vision of becoming a global hub for high-tech industries.
Through its financing initiatives and strategic partnerships, EDB is playing a key role in supporting the UAE’s economic development and industrial growth. By providing targeted financing to small and medium enterprises in the manufacturing sector, EDB is enabling businesses to adopt cutting-edge technologies and drive innovation. The organization’s efforts to support Operation 300bn and create new job opportunities demonstrate its commitment to fostering economic growth and enhancing the UAE’s industrial capabilities. With a focus on promoting high-tech industries and economic diversification, EDB is contributing to the nation’s long-term prosperity and sustainability.
