Today, the Emirates Development Bank announced financing amounting to 362 million dirhams to support 13 industrial companies in the Emirates, with a focus on empowering micro-enterprises and small and medium-sized companies, as part of the activities of the second day of the “Make in the Emirates” forum.
The bank has witnessed an annual increase in financing operations since the launch of its strategy in April 2021, and the value of financing allocated to support industrial projects reached more than 5.4 billion dirhams during the year 2024.
The new financing contributes to enhancing the bank’s development and economic impact and increasing its contribution to the UAE’s industrial gross domestic product and is in line with its endeavors to enable the national strategy for industry and advanced technology “Project 300 Billion” and enhance local industrial capabilities.
Within this strategy, the bank aims to provide financing worth 30 billion dirhams to support 13,500 companies across five strategic priority sectors, namely industry, advanced technology, food security, health care, and renewable energy, by the year 2026.
Ahmed Mohammed Al Naqbi, CEO of the bank, said that the financing announced during the third session of the forum will contribute to achieving significant progress in stimulating the adoption of advanced technology and enhancing economic flexibility and industrial leadership in the UAE, in addition to raising the level of our financing support for the national industrial sector to reach 5.4 billion dirhams per year. 2024, representing 48% of the bank’s total financing during the past three years.
Al Naqbi pointed out that these announced financings are in line with the Emirates Development Bank’s conviction that industry is a vital sector and forms the backbone of the national vision for economic diversification and sustainable development.
The financing announced by the bank includes financing for capital expenditures and working capital for 13 companies in the five priority sectors. These companies include KEC EPC, Trufina Foods (Middle East), Global Services Group, and Deep Sea Food Company. Neelkamal Plastic Manufacturing Group, Dolphin Manufacturing Company, Scandinavian Paper Manufacturing Company, Sepca Company, Medico Safety Equipment Manufacturing Company, Abu Dhabi National Paper Factory, Super Cement Manufacturing Company, Aspen Polystyrene Company, and ACE Centro Company.
These financings fall within the framework of the Emirates Development Bank’s support for private sector companies, achieving a sustainable economic impact, and strengthening the UAE’s position as a leading global center for industrial growth and innovation.
#Emirates #Development #Company #increases #funding #national #industrial #sector