The ruler of Dubai approved offering AED30 bln to support industrial sector SMEs
On Tuesday, State news agency WAM reported that Sheikh Mohammed bin Rashid al-Maktoum, vice president and prime minister of the UAE, and ruler of Dubai, agreed the Emirates Development Bank (EDB) strategy to offer AED 30 billion in financial support to start-ups and businesses.
Indeed, Minister of Industry and Advanced Technology and EDB chairman Dr. Sultan al-Jaber, informed WAM that the aim of EBD is to boost the UAE’s economy by providing support to industrial sectors having the priority during the next five years and that would contribute to financing about 13,500 SMEs and establishing almost 25,000 jobs.
Operation 300bn
There was a launch of the economy-boosting strategy to support Operation 300bn, which constitute a ten-year program initiated last month that aims to double the industrial sector’s contribution to the UAE’s GDP, and to put the country as an industrial center worldwide by 2031.
Al-Jaber stated that operation 300bn is a comprehensive national program aimed at enhancing the contribution of the industrial sector to the UAE’s sustainable economic growth. Through close collaboration, the Ministry of Industry and Advanced Technology and the Emirates Development Bank will extend support to large corporations, SMEs and entrepreneurs across various industries including healthcare, infrastructure, food security and technology.
He also said that the EDB would offer SMEs with other tools including supply chain support, project financing, long-term financing, business accelerators, equity capital financing, and a business growth support fund.
It should indicated that since the EDB’s creation, the bank provided the support to 550 companies and allocated business credits with value of AED 1.8 billion to SMEs.
