Allocating 5 billion dirhams to support projects submitted by citizens
Within the "50 projects", the UAE announced the allocation of five billion dirhams to support Emirati projects in priority sectors.
Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said: “The leadership’s vision focuses on increasing the contribution of Emirati citizens and young Emirati companies to the growth and progress of the industrial sector to develop the economy and enhance its competitiveness and performance. Emirates Development Bank confirms the priority of supporting young citizens.
He added: "This initiative is a practical translation of the new strategy announced by the Emirates Development Bank in April 2021, in which it allocated a financial portfolio of 30 billion dirhams to support the development efforts of the country through three axes, including accelerating industrial development, adopting advanced technology, enhancing the role of companies and emerging institutions, and stimulating entrepreneurship." .
The project, which provides financing for young Emirati projects, is a continuation of the qualitative initiatives that enhance the capabilities and potentials of young people in various economic sectors, foremost among which is entrepreneurship, establishing and expanding emerging projects, and entering the fields of small and medium enterprises, especially in the new and pivotal sectors.
The new initiative contributes to opening new horizons for Emirati projects aspiring to enhance their local, regional and global presence in the future, which will reflect positively on their organic growth, operational stability and expansion in new markets or emerging disciplines, and as a result enhance the flexibility and adaptation of the national economy, diversify its resources, and seize the opportunities of the new economy. And providing affordable and alternative financing solutions that help promising projects at the beginning of their journey.
The Emirates Development Bank attaches importance to priority sectors, including industry, infrastructure, health care, food security and technology, within a development and investment vision that aims to strengthen its role as a main driver and an active contributor to the process of developing the national economy, and to raise the contribution of the industrial sector to the domestic product and increase productivity.
The new strategy of the Emirates Development Bank will positively affect the country's economy over the next five years.
The bank's contribution to the country's GDP is expected to rise from 950 million dirhams to more than 10 billion dirhams.
The strategy aims to create more than 25,000 jobs and support more than 13,500 companies.
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