EDB, Dubai IE to boost industrial growth

DUBAI: Emirates Development Bank ( EDB) has announced the signing of a strategic agreement with Dubai Industries & Exports (Dubai IE) to provide innovative financing and banking solutions to SMES and corporates aimed at supporting the growth of UAE’S industrial sectors and exports.

Signed by Ahmed Mohamed Al Naqbi, CEO of EDB, and Saed Al Awadi, CEO of Dubai IE, the agreement aims to boost strategic cooperation between the two entities in developing the industrial sector in Dubai and the UAE, and provide opportunities for local and international companies to set up manufacturing and industrial facilities in the emirate and boost the exports.

This partnership aligns with EDB’S continuous efforts to enable the industrial transformation and economic diversification agenda in the UAE, build a knowledge-based economy, increase global competitiveness and sustainable growth, and support startups and SMES, which are key drivers of the national economy.

EDB also organised a roadshow in partnership with Dubai IE at Expo 2020 Dubai to highlight its financial solutions for SMES and corporates. Over 63 participants from Dubai IE members, representing Uae-based companies, included a number of industrial entities and some engaged in advanced technology solutions, atended the roadshow.

CEO of EDB commented, “EDB is thrilled to enter into this strategic agreement with Dubai Industries & Exports, which is a key step in its strategic plans to support and finance corporates towards industrial growth and boosting exports.”