According to a strategic partnership signed by Al-Madina with the Bank

Emirates Development Bank provides financing solutions for Dubai Industrial companies

Officials of "Dubai Industrial City" and "Emirates Development" during the signing of the agreement.

From the source

Dubai Industrial City, a member of Dubai Holding Asset Management, and the Emirates Development Bank, which is concerned with enabling the economic diversification agenda and industrial transformation of the UAE, have signed a strategic partnership agreement, with the aim of promoting the sustainable development of the industrial sector, by providing innovative and diversified financing solutions for small businesses. and medium-sized enterprises in vital industrial fields, thus contributing to enhancing its contribution to the national economy, and consolidating the UAE's position as a global center for industry and the various sectors related to it.

A statement issued yesterday stated that the partnership agreement, which was signed by the Director General of Dubai Industrial City, Saud Abu Al Shawareb, and the Director of Finance of the Business Finance Department at the Emirates Development Bank, Shaker Zainal, comes within the framework of the bank's continuous efforts to enable the agenda of industrial transformation and economic diversification in Dubai and the country. The UAE in general, and providing opportunities that attract major local and international factories, and providing financing solutions that upgrade infrastructure, in order to ensure building a knowledge-based economy, increasing global competitiveness and achieving sustainable growth.

It also comes to consolidate Dubai Industrial City's efforts to provide an integrated and competitive business environment that supports companies of all sizes, especially emerging, small and medium ones, which represent a major driver of the country's national economy.

Corporate Finance

Shaker Zainal, Director of Finance for the Business Finance Department at Emirates Development Bank, said: “Through this strategic partnership with Dubai Industrial City, we will provide appropriate support for financing small and medium-sized companies, and we are always keen to cooperate with all stakeholders and work with them to achieve common interests, especially In terms of financing small and medium companies, and we believe that cooperation with (Dubai Industrial) will help us to reach potential customers, we will study and evaluate the possibility of financing them, and we will also work together to develop entrepreneurship programs, joint awareness programs and share industrial knowledge.”

industrial destination

For his part, Director General of Dubai Industrial City, Saud Abu Al Shawareb, said that "the agreement is an important part of efforts to strengthen Dubai Center as a global industrial destination for light and medium industries and logistics companies."

He added: "The role played by the bank in terms of providing financing solutions and innovative support programs complements Dubai Industrial City's efforts to provide an attractive and ideal environment for various manufacturing sectors, and supports the growing industrial renaissance, which has received great support, finally, thanks to initiatives such as (Make in Emirates) within the industrial strategy of the UAE (the 300 billion project).

He added, "We look forward to working closely with the bank's team and our partners within the Dubai Industrial City to find new investment opportunities and support small and medium industrial projects, thus contributing to the development of the industrial sector and raising its contribution to the national economy."

wallet

According to the statement, the Emirates Development Bank has allocated a financial portfolio of 30 billion dirhams over five years, dedicated to supporting several industrial sectors, contributing to the financing and support of more than 13,500 small, medium and large companies, and providing 25,000 jobs.

The bank provides direct and indirect lending to small and medium enterprises (long-term financing, project financing and receivables), and it constitutes an investment arm for start-ups and small and medium enterprises, in addition to business advisory services for entrepreneurs, start-ups and small companies (training, mentorship and market research).

The Emirates Development Bank also plays a strategic role in the future of the industrial renaissance of the UAE, shaping its features, developing a supportive environment for business, and encouraging local and regional industrial institutions to establish their factories or develop their existing businesses in the Emirates.

• The bank's financial portfolio contributes to financing and supporting 13,500 small, medium and large companies, and providing 25,000 jobs.

• The Bank has allocated an investment portfolio of 30 billion dirhams until 2025, to support the development of the industrial sector.

Dubai Industrial City

Dubai Industrial City is one of the largest industrial centers in the region, and an essential part of Dubai's 2030 Industrial Strategy, the first phase of which will take place in 2021.

The city includes 750 business partners, including 200 factories, in addition to 70 other factories under construction, and since its establishment in 2004, it has been a catalyst for the growth and expansion of the industrial sector in the Emirates, and attracting shareholders working in the light and medium manufacturing sectors.

Dubai Industrial City has created a thriving work, living and leisure complex with state-of-the-art offices, warehouses, light and medium industrial units, interconnected infrastructure, retail and dining facilities, and excellent labor accommodations with playgrounds and entertainment that are always managed to the highest standards.

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