Emirates Development Bank (EDB) has recently announced financing deals totaling Dh 362 million to support the growth of the UAE’s manufacturing sector, with a focus on enabling micro, small, and medium enterprises (mSMEs). This marks a significant increase in financing year-over-year since the launch of EDB’s new strategy in April 2021, with over Dh 5.4 billion allocated to the manufacturing sector YTD 2024. These financing deals are in alignment with EDB’s mandate to support Operation 300 billion and advance local manufacturing capabilities, with a portfolio of Dh 30 billion dedicated to priority industrial sectors by 2026.
Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, emphasized the importance of these financing announcements in driving progress in advanced technology adoption, economic resilience, and industrial leadership. The financing deals unveiled at the Make it in the Emirates Forum will contribute to the bank’s support for the manufacturing sector, which represents 48% of its total financing over the past three years. According to Al Naqbi, manufacturing is not just an industry but the backbone of the UAE’s vision for economic diversification and sustainable development.
During the Make it in the Emirates Forum, EDB announced financing deals for 13 companies in various manufacturing industries across the bank’s five priority sectors. These companies include KEC EPC LLC, Trofina Food (ME) FZC LLC, Global Surfaces Group, and others. Through these financing deals, EDB aims to cultivate a robust private sector to deliver sustainable economic impact and consolidate the UAE’s position as a global hub for industrial growth and innovation.
Through innovative financing solutions and a patient debt approach with long tenors, Emirates Development Bank is supporting advanced manufacturing, diversifying critical supply chains, promoting food security solutions, expanding climate finance and renewable energy, improving access to healthcare systems, and deploying advanced technologies across industries. This effort anchors jobs and investments in the UAE, increases access to financing for mSMEs, empowers entrepreneurs, and drives forward the national vision for a diversified, high-tech, and AI-driven economy.
Emirates Development Bank, established under Federal Law in 2011 and operational since 2015, plays a crucial role as a financial engine for the economic development and industrial advancement of the UAE. By providing financial and non-financial support to businesses across strategic priority sectors, EDB contributes to driving economic competitiveness and ensuring sustainable growth. With a focus on fostering innovation and supporting key industries, EDB’s efforts are instrumental in realizing the UAE’s vision for a diversified and technology-driven economy.
