Dubai: Dubai Industrial City, a member of Dubai Holding Asset Management, has signed a deal with Emirates Development Bank (EDB) to provide financing and banking solutions to small and medium-sized enterprises and support the growth of national industries such as advanced manufacturing and logistics, both parties said in a statement.
“Through this agreement with Dubai Industrial City, we will offer the right support to finance SMEs. We are always keen on cooperating with related entities especially in terms of financing small and medium-sized enterprises, and we believe that this collaboration with one of the region’s largest industrial hubs will help us reach potential customers and study the possibility of funding them," Shaker Zainal, head of business finance at EDB said.
Saud Abu Al-Shawareb, managing director of Dubai Industrial City, said: “With additional capital expenditure, we hope the SME sector will be empowered to play an even greater role in advancing the UAE’s national industrial transformation and building a knowledge and innovation-based economy.”
Earlier in the year, EDB announced it had allocated an investment portfolio of AED30 billion until 2025, to support the development of industrial sector. This is part of EDB’s commitment to support the goals of the National Agenda under Operation 300 bn – a 10-year strategy to empower the country’s industrial sector by boosting the SME ecosystem in UAE as well as enhancing the contribution of SMEs to the country’s GDP.