The Emirates Development Bank (EDB) has unveiled an ambitious plan to become a key driver of economic growth in the United Arab Emirates (UAE) by deploying a staggering $8. 16 billion (AED 30 billion) in financing by 2026. This strategic initiative aims to empower nearly 13, 500 companies across five designated sectors deemed crucial for the nation's future prosperity.
Shaker Zainal, Business Finance Director at EDB, outlined the details of this financing program during the recent "Make it in the Emirates Forum. " He emphasized the bank's unwavering commitment to fostering the capabilities of advanced industries and propelling local value addition. Notably, EDB has earmarked $1. 36 billion (AED 5 billion) solely for financing industrial projects in 2024.
The targeted sectors for this financial injection encompass renewable energy, industry, cutting-edge technology, healthcare, and food security. This targeted approach underscores the UAE's strategic vision to diversify its economy and transition towards a more knowledge-based and sustainable future. By channeling financial resources into these specific areas, the EDB aspires to cultivate a robust and resilient economic landscape for the UAE.
The focus on renewable energy reflects the UAE's commitment to combating climate change and fostering a greener future. The bank's support for industrial projects aligns with the nation's aspirations to become a global manufacturing hub. Similarly, the emphasis on advanced technology aligns with the UAE's drive to become a frontrunner in innovation and technological advancements.
Investing in healthcare is crucial for bolstering the UAE's public health infrastructure and ensuring the well-being of its citizens. Prioritizing food security ensures the nation's self-sufficiency in terms of its food requirements, minimizing dependence on external sources. By providing financial muscle to companies operating within these critical sectors, the EDB aspires to create a robust and diversified economic base for the UAE.
This financing initiative by the EDB is a testament to the UAE's unwavering commitment to fostering sustainable and knowledge-based economic growth. By empowering businesses in these designated sectors, the bank aspires to create a dynamic and competitive economic environment that will propel the UAE towards a prosperous future.