According to a memorandum of understanding with “wasl Asset Management”

Emirates Development Bank offers financing solutions to “Food Technology Valley” companies

The Emirates Development Bank has signed a memorandum of understanding with Food Technology Valley, the integrated zone developed by wasl Asset Management Group.

A statement stated that the memorandum aims to provide financing solutions to small and medium-sized companies and emerging companies operating within the region, and will also contribute to supporting entrepreneurship and innovation, and enhancing the growing ecosystem of the Food Technology Valley.


Support tech pioneers

According to the memorandum, the two parties agreed to support technology pioneers who are working or looking to work in the Food Technology Valley, by providing financing solutions, organizing introductory events, in addition to holding seminars, providing training, supervision and consulting, and transferring knowledge and expertise.

Hesham Al Qassim, CEO of wasl Asset Management Group, said: "We are pleased to sign this agreement with the Emirates Development Bank, which will provide its financial expertise to support existing and potential companies, and meet their various financial needs."

He added that this type of partnership enhances the government's vision to diversify the economy, by encouraging tenants to establish their businesses in the Food Technology Valley.

Al Qassim pointed out that the agreement is in line with the National Food Security Strategy 2051, expressing his confidence that all partners affiliated with the project will help attract local and foreign direct investments in this field, to achieve the government's vision of transforming the UAE into a global center for technology-based food and agricultural solutions. .


economic diversification

For his part, CEO of the Emirates Development Bank, Ahmed Mohamed Al Naqbi, said that the new memorandum comes within the framework of efforts to support economic diversification and sustainable growth in the UAE, and to enhance its position as an important and supportive center for business in the main sectors, and is in line with the National Food Security Strategy 2051, by approving on flexible agricultural practices that lead to increased productivity.

Al Naqbi added: “The memorandum also contributes to supporting the bank’s strategy to advance industrial development in the UAE and accelerate the adoption of advanced technologies in the industrial sector, which in turn enables the growth of small and medium-sized companies in five key sectors, including food security.”

He continued, "Through this agreement, we aim to provide value-added financing solutions to support emerging, small and medium-sized companies, as well as international companies, and we look forward to building new partnerships with them in this vital sector."


Food Technology Valley

It is noteworthy that the “Food Technology Valley” was established through an initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the project revolves around food, innovation, knowledge, technology and sustainability, and focuses on supporting and attracting new agricultural technologies, And linking global and local knowledge in this field, while creating a collaborative network to lead regional transformation, and export knowledge to reach a sustainable food system.

The "Food Technology Valley" will serve as a catalyst for transforming the UAE in general and Dubai in particular, into a center for food and agricultural products based on clean technology in the future.


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