The strategy of the Emirates Development Bank has been approved, with a financing portfolio of 30 billion dirhams

Mohammed bin Rashid: Our economy is fine ... and our goal is to finance 13.5 thousand new companies in vital sectors

  • Mohammed bin Rashid, in the presence of Saif bin Zayed and Mansour bin Zayed, listened to an explanation from Sultan Al-Jaber on the axes of the strategy and its goals.

    WAM

picture

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, affirmed that the national economy is fine, with assets of more than 3000 billion dirhams in the state banks.

Vice President of the State:

- "Our national economy is progressing well ... and we have assets in the state banks of more than 3000 billion dirhams to push our economy to new heights."

- "We welcome everyone to make their dream in the UAE .. We welcome their future with us in the future country."

Mohammed bin Zayed:

- «The bank’s strategy is an ambitious additional engine for the development of the national economy, and a main supporter of companies and small and medium enterprises.

- "We are keen to support exceptional initiatives and specific ideas that adopt support for industry and advanced technology."

His Highness said, after adopting the Emirates Development Bank’s strategy, with a financing portfolio of 30 billion dirhams, that the goal is to finance 13,500 new companies in vital sectors with national priorities during the coming years, welcoming everyone to make their dream in the UAE, the country of the future.

His Highness stressed that the bank’s strategy constitutes a qualitative shift that will enhance its positive role in supporting the UAE economy through innovative products and effective financing solutions.

Adopting the strategy

In detail, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the Emirates Development Bank strategy, with a financing portfolio worth 30 billion dirhams, as part of a development and investment vision aimed at strengthening the bank’s role as a primary engine and an effective contributor to the process. Developing the national economy, by providing financing solutions and innovative support programs in line with the requirements of the current stage, and providing specific support to various sectors within the active economic system in the UAE.

The strategy was launched in the presence of Lieutenant General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation .

Stimulating the economy

His Highness Sheikh Mohammed bin Rashid Al Maktoum stressed that "continuing to stimulate the national economy during the current stage is a top priority that requires concerted efforts by all parties, and the coordination of roles between the various components of the economic sector."

His Highness said: “We must adopt a unique vision that takes into account global developments, and ensures the sustainability of the growth and development process, to help commercial and industrial enterprises in the country maximize their returns, in a way that contributes to the advancement of the economic sector.”

His Highness added that «the strategy of the Emirates Development Bank constitutes a qualitative shift that will enhance its positive role in supporting the UAE economy through innovative products and effective financing solutions capable of providing support programs for many small, medium and large enterprises and companies that are an essential component of our national economy.

new Horizons

In tweets on the blogging site "Twitter", His Highness said: “We launched the new strategic program of the Emirates Development Bank ... a financing portfolio worth 30 billion dirhams to stimulate a group of vital sectors with national priorities, and the goal is to finance 13,500 new companies in these sectors during the coming years. ».

His Highness added in another tweet: "Our national economy is fine ... and is going well ... and we have assets in the state banks of more than 3000 billion dirhams to push our economy to new heights ... We welcome everyone to make their dream in the United Arab Emirates .. We welcome their future with us in the future country." .

Qualitative thoughts

In his turn, His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, said in a tweet to His Highness on the “Twitter” website, that “the Emirates Development Bank strategy is an ambitious additional engine for the development of the national economy, and a major supporter for companies and small and medium enterprises.” .

His Highness added, "We are keen to support exceptional initiatives, qualitative and innovative ideas that adopt support for industry and advanced technology, and keep pace with our future development priorities."

«The 300 billion project»

In addition, the Minister of Industry and Advanced Technology, Chairman of the Board of Directors of the Emirates Development Bank, Dr. Sultan bin Ahmed Al Jaber, reviewed the axes of the strategy and its objectives, explaining that it is launched through the bank’s role as a main engine for the development of the national economy, so that it provides a network of support for the industrial sector, in a consistent manner. With the objectives and outputs of the Ministry of Industry and Advanced Technology strategy (2021-2031).

He pointed out that the bank seeks to contribute as a financial arm to the industry strategy Operation 300bn, "the 300 billion project", which is a comprehensive national program for sustainable economic growth aimed at developing the industrial sector through a wide range of initiatives designed to support the adoption of modern technology and advanced manufacturing in the country, and to attract minds, talents and expertise. From different parts of the world.

Support the industrial sector

Al-Jaber mentioned that the Emirates Development Bank’s contribution to the "300 billion project" aims to support the industrial sector in the country and stimulate the national economy through three axes, including: accelerating industrial development, adopting advanced technology through special financing programs, and enhancing the role of companies and small and medium enterprises in supporting The national economy, by providing financing solutions, services and practical advice, and stimulating entrepreneurship and innovation for emerging companies and small and medium enterprises.

Financial portfolio

In order to achieve this pivotal role, the Emirates Development Bank has allocated a financial portfolio of 30 billion dirhams over five years, dedicated to supporting several industrial sectors, contributing to financing and supporting more than 13 thousand and 500 small, medium and large companies, and providing 25 thousand jobs, in what falls under the solutions The financing provided by the bank includes the industrial, infrastructure, healthcare, food security and technology sectors.

National program

Al-Jaber appreciated the approval of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the new strategy of the Emirates Development Bank, which aims to respond to the requirements of the current stage by providing innovative financing solutions to stimulate and encourage the spirit of entrepreneurship and innovation within the various sectors in UAE.

He said: “Through the directives of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the State, and His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, the UAE continues to work to foresee the future and prepare for it by providing growth potentials. And progress in all sectors and areas ».

Al-Jaber explained that the “300 billion project” constitutes a comprehensive national program to enhance the contribution of the industrial sector to sustainable economic growth. It will be a comprehensive umbrella that will join forces through the efforts of the Ministry of Industry and Advanced Technology and the Emirates Development Bank, with the aim of providing support solutions to large companies, small and medium enterprises, and entrepreneurs' initiatives. In many sectors that include industry, healthcare, infrastructure, food security, and technology.

Financial engine

Al Jaber added: “The Emirates Development Bank will act as the financial engine for the national industry strategy. In addition to continuing to support housing finance for citizens, the bank will focus, through its new strategy, on accelerating industrial development, adopting advanced technology through dedicated financing programs, and enhancing the role of small and medium enterprises in the economy. "NBK is being implemented through a range of products and services, in addition to stimulating entrepreneurship and innovation by establishing an investment fund to support entrepreneurs, startups and small and medium enterprises."

He emphasized that “Emirates Development Bank will play a pivotal role in the success of the national strategy for the industry, through a specialized financing portfolio, as well as a wide range of financial services and solutions, such as direct and indirect financing for large companies and small and medium enterprises in areas including: supply chain support, financing Projects, and long-term financing », pointing out that the bank will provide an investment arm to support emerging companies and small and medium-sized companies through tools that include business accelerators, equity capital financing, and a business growth support fund.

hard working

Al-Jaber stressed that the leadership of the state emphasized the importance of serious work in the coming period, in order to advance the process of economic development for the post-"Covid-19" stage, and said: “His Highness Sheikh Mohammed bin Rashid Al Maktoum expressed his confidence that our country will in the next 50 years. He will be unique in his accomplishments, as His Highness Sheikh Mohammed bin Zayed Al Nahyan stressed the importance of exerting more serious and sincere work, and for each individual to double the effort by no less than 10 times, to ensure the achievement of the ambitious goals and the consolidation of the distinguished position of the UAE ».

Integrated solutions

Al-Jaber added, "Through the cooperation between the Ministry of Industry and Advanced Technology and the Emirates Development Bank, we focused on providing integrated solutions that contribute to stimulating the growth of the industrial sector, after consulting with a large number of stakeholders."

He stressed that the solutions provided by the bank are of special importance, in addition to providing financing, they will focus on providing training, guidance and mentoring services, with the aim of supporting companies and entrepreneurs, both citizens and residents, and providing them with the necessary tools to help them develop their current business or launch new businesses, and with the provision of these An integrated, supportive and stimulating system for business growth, we invite companies and individuals to identify these solutions and seek to benefit from them.

Raise the total bank financing by 73%

The Minister of Industry and Advanced Technology, Chairman of the Board of Directors of the Emirates Development Bank, Dr. Sultan bin Ahmed Al Jaber, explained the priorities of the Emirates Development Bank, which will work in the next phase to enhance the levels of financial support available to the economic and industrial sectors.

His priorities include establishing partnerships with Emirati banks to enhance financial services provided to small, medium and large companies, raising the total direct financing from the bank by 73% in 2021 to support sectors, and targeting segments that suffer from a lack of services, to be provided with financing solutions.

It is also among the bank’s priorities to launch a fund to invest in the capital of emerging companies and small and medium enterprises, with a value of one billion dirhams during 2022, and targeting industrial companies that need financing and investment in vital sectors.

Emirates Development ... Supporting 550 companies and housing loans worth 2.4 billion dirhams

The strategy comes as an extension of the role of the Emirates Development Bank and its continuous contribution to supporting the national economy, since it has provided support to about 550 companies since its inception, while the portfolio of business loans to companies and small and medium enterprises reached 1.8 billion dirhams.

In turn, housing loans amounted to 2.4 billion dirhams, in addition to the issuance of the first federal bonds worth 750 million dollars out of a program worth five billion dollars, with a maturity of five years.

Axes of the Emirates Development Bank strategy:

Strengthening the national economy and supporting the industrial sector in line with the objectives of the Ministry of Industry and Advanced Technology 2021-2031 strategy.

Contributing as a financial arm to the industry strategy Operation 300bn, which aims to develop the industrial sector.

Monitoring a financial portfolio of 30 billion dirhams over five years to support priority industrial sectors.

Financing 13,500 companies and institutions, and providing 25,000 jobs.

Providing financing solutions for advanced technology projects, the fourth industrial revolution, and clean energy.

Continuity of housing finance support for citizens within the objectives of the bank.

Follow our latest local and sports news, and the latest political and economic developments via Google news

Keywords: