Emirates Development Bank commits AED 5 billion for 2024 to boost UAE's manufacturing sector, aligning with the UAE Industrial Development Strategy.
It aims to advance technology, resilience, and diversification, supporting government priorities. EDB's mission includes providing AED 30 billion to 13,500 companies in key sectors by 2026, emphasizing strategic partnerships for economic growth.
Ahmed Mohamed Al Naqbi, CEO of EDB, announced strategic financing of AED 1 billion to boost technology adoption, innovation, and manufacturing in the UAE. Through partnerships and initiatives like "Make it in the Emirates," they aim to generate employment, increase industrial output, and strengthen economic resilience, contributing to national GDP growth.
Since the launch of its strategy in April 2021 to the end of Q1 2024, EDB’s support for the manufacturing sector reached AED 4.7 billion in financing, constituting 46% of EDB’s AED10.4 billion total financing. The new substantial financing deal reflects EDB’s strategic focus on strengthening the foundation of the UAE’s industrial sector as a cornerstone of the national economy. As EDB continues to support the Make it in the Emirates initiative, this AED 5 billion financing commitment is expected to make a significant impact, driving forward the UAE’s vision for a sustainable and diversified economic future.
The financing aims to support a wide range of manufacturing projects, particularly those incorporating advanced technologies that align with the UAE’s ambitious economic diversification plans. EDB's strategy focuses not only on financial support but also on fostering an ecosystem conducive to industrial innovation and growth, and the Make it in the Emirates initiative, spearheaded by MoIAT, has been instrumental in promoting increased local production and self-reliance.
News Source: Emirates Development Bank
