The Sharjah Chamber of Commerce and Industry (SCCI) and Emirates Development Bank (EDB), a key financial enabler of the country’s economic diversification and industrial transformation agenda, on Monday signed a Memorandum of Understanding (MoU) to foster the development and growth of UAE-based manufacturers, exporters and SMEs through financial support.

As part of the MoU, both entities will strengthen cooperation to develop joint entrepreneurship programs, build awareness and promote knowledge sharing. For its part, EDB will extend direct and indirect lending support, equity funding for SMEs and startups in the priority sectors as well as non-financial support in the form of mentorship and business guidance. Welcoming the partnership, Abdullah Sultan Al Owais, Chairman of SCCI, said: “The ultimate goal for this MoU is to promote economic diversification and support the strategic goals defined by the Ministry of Industry and Advanced Technology.”

Al Owais added: “Through the agreement, we seek to leverage EDB’s innovative banking solutions to empower manufacturers and SMEs in the Emirate of Sharjah and partner with the Sharjah Export Development centre in improving financial access to exporters. Moreover, the SCCI’s ‘Sadr’ Fund will also offer the necessary liquidity to exporters and reduce risks in export operations through credit protection.”

Commenting on the MoU, Ahmed Mohamed Al Naqbi, CEO of EDB, said: “In line with our new strategy, EDB is proud to partner with the Sharjah Chamber of Commerce and Industry to support the industrial and SME sectors, which continue to play a pivotal role in the country’s economic diversification and long-term growth. Through our collaborative efforts, we will provide financial and non-financial support to entities operating in priority sectors to ensure that they are viable in the long run and can make a valuable contribution to the UAE’s growth journey.”

Emirates Development Bank (EDB), headquartered in Abu Dhabi, was established under Federal Law by Decree No. 07 of 2011 issued by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE. It became operational in June 2015. The Bank unveiled its new strategy in 2021 reinforcing its identity as one of the key drivers of the UAE’s economic recovery. EDB offers financial and non-financial support to SMEs, startups and large corporates operating in strategic priority sectors in the UAE, as a step to boost their contribution to the country’s non-oil GDP. The Bank also provides home finance support to the UAE Nationals. EDB operates two branches in Abu Dhabi and Dubai.

The Sharjah Chamber of Commerce & Industry (SCCI) was established by an Amiri decree issued in 1970 by His Highness the Ruler of Sharjah in order to effectively and vitally participate in the regulation of the economic life and the prosperity of its trade, industry, and professional sectors at all levels, in cooperation with the concerned establishments and bodies, and local departments. Therefore, the chamber has been keen to include in its membership all the companies and establishments practicing economic activity in the emirate whether it is trade, industry, or professional activity, and whether those companies are headquartered in the Emirate of Sharjah or have branches or agencies over there.