EDB to provide financing worth Dhs30b
- 28 May 2024
Emirates Development Bank (EDB) aims to provide financing worth Dhs30 billion by 2026. This financing targets the support of approximately 13,500 companies operating in five priority sectors: renewable energy, industry, advanced technology, healthcare, and food security, according to Shaker Zainal, Business Finance Director at Emirates Development Bank.
On the sidelines of the ‘Make it in the Emirates Forum’, he pointed out the bank allocated Dhs5 billion in financing for industrial projects in 2024 as part of its commitment to empowering the capabilities of advanced industries and enhancing local value addition.
Meanwhile the Ministry of Industry and Advanced Technology (MoIAT) has announced a partnership with Emirates Development Bank (EDB), the key financial engine of economic development an industrial advancement in the UAE, to provide a $100 million (Dhs370 million) financing solution for the new AI Innovation programme.
The AI Innovation programme aligns with the ministry’s efforts to boost innovation, accelerate the adoption of advanced technologies in industry and create new industries underpinned by cutting-edge technologies under the umbrella of the technology transformation programme. It also aligns with EDB’s development mandate focused on advancing economic growth and industrial innovation across its five priority sectors of manufacturing, advanced technology, food security, healthcare, and renewables.
The programme aims to foster collaboration between prominent industry players and technology developers to harness cutting-edge AI technologies to help solve the most pressing industrial challenges within national industry.
The programme aims to create opportunities for local and global technology developers and startups by providing a platform to showcase their expertise and contribute to solving industrial challenges.
