Make it in the Emirates: EDB joins hands with ADDED

UAE’s Emirates Development Bank (EDB) has signed an MoU with the Abu Dhabi Department of Economic Development’s Industrial Development Bureau (IDB) to continue its support of the Financial Ecosystem Programme.

IDB’s financing programme is designed to assist companies in the emirate to access the best finance providers and products efficiently. It allows investors to seek the most appropriate financing – from a range of local banks – with a few clicks.

The financing facilitation platform is a straightforward method for Abu Dhabi-based companies to receive finance offers from a range of banks all at once, allowing them to choose the package that best meets their needs.

“We are pleased to be part of IDB’s Financial Ecosystem Programme, as this is a significant initiative in achieving the UAE’s Industrial Strategy,” Ahmed Mohamed Al Naqbi, CEO of EDB said, adding that the bank is committed to enabling plans that strengthen the national industrial ecosystem across key sectors, driving global competitiveness and sustainable growth for the country.

EDB is playing a vital role in supporting the UAE’s industrial strategy by providing financial assistance, promoting innovation, facilitating collaboration and driving sustainable growth in strategic industrial sectors.

The development lender provides loans, credit facilities and guarantees to local and international investors, entrepreneurs and businesses operating in strategic five key industrial sectors. In alignment with the UAE’s visions and priorities, EDB continues to deliver on its mission of fostering a healthy, sustainable, and self-reliant economy.

EDB is two years into an ambitious five-year strategy aimed at empowering SMEs and large corporates in five priority sectors: renewables, manufacturing, technology, healthcare and food security. The bank aims to approve Dhs30bn in financing support to 13,500 companies within these sectors by 2026.

EDB’s Make it in the Emirates deals

Meanwhile, the MoU with ADDED follows EDB’s approval of financing deals worth Dhs424m during the Make it in the Emirates as part of the development lender’s strategy to further diversify the economy and cement the UAE’s position as a global manufacturing hub.

The financing targets different industries and includes establishing a new steel complex in KEZAD – Abu Dhabi for manufacturing rolled steel, a factory to produce recycled kraft paper, which aims to meet the demand for sustainable paper packaging converters in the UAE.

Emirates Development Bank successfully concluded its participation in the #makeitintheemirates Forum at Abu Dhabi Energy Center. @MoIATUAE pic.twitter.com/A5qRtXT0Ev

— Emirates Development Bank (@EDB_UAE) June 2, 2023

EDB approved financing for Himalaya Wellness’ herbal medicines and supplements manufacturing facility in Dubai Industrial City. The development bank will also provide Dana Group’s Dana Steel funding to establish a new steel complex in KEZAD – Abu Dhabi to manufacture raw materials utilised in the company’s existing metal coating complex in Dubai.

The bank also approved financing to support the growth strategies of Star Paper Mill, Bluetec, OSE Industries, and Ipack, which encompass a range of industries, demonstrating EDB’s commitment to supporting various sectors.

Star Paper Mill Industry is a ‘greenfield’ project focusing on manufacturing recycled kraft paper, utilising locally produced wastepaper as well as imports. Similarly, Bluetec aims to produce bunker fuels from various waste oils, contributing to environmental sustainability while positively impacting the market.

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