Dubai Industrial City, Emirates Development Bank sign agreement to boost manufacturing, industrial growth

DUBAI, Dubai Industrial City, a member of Dubai Holding Asset Management, has signed a strategic agreement with Emirates Development Bank [EDB], a key financial enabler of the country’s economic diversification and industrial transformation agenda, to provide innovative financing and banking solutions to small and medium-sized enterprises and support the growth of vital national industries, such as advanced manufacturing and logistics.

Signed by Saud Abu Al-Shawareb, Managing Director of Dubai Industrial City, and Shaker Zainal, Head of Business Finance at EDB, the strategic agreement seeks to support Dubai Industrial City’s efforts to develop the industrial sector in Dubai and the UAE, provide new opportunities to attract local and international manufacturing companies, and offer financial solutions to develop state-of-the-art infrastructure.

The agreement also aligns with EDB’s continuous efforts to enable the industrial transformation and economic diversification agenda in the UAE, build a knowledge-based economy, increase global competitiveness and sustainable growth, and support startups and SMEs, which are key drivers of the national economy.

“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. We will also work together on developing entrepreneurship and awareness programmes and sharing industrial knowledge,” said Zainal.

Noting the role to be played by Dubai Industrial City, Al-Shawareb said, “Today’s strategic partnership reaffirms our efforts to transform Dubai Industrial City into a world-class business destination for manufacturing and logistics. The partnership will galvanise our business community, unlock new investment opportunities, create skilled jobs and consolidate Dubai’s position as a business-friendly hub for trade and commerce. 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. We look forward to working in partnership with EDB on this imperative initiative.”

Providing a convenient and cost-effective work environment for manufacturing and industrial activity, plans offer an enabling ecosystem, including industrial and commercial land, retail showrooms, warehouses, office buildings, open yard storage, and residential accommodations. The site is also strategically located near Jebel Ali Port and Al Maktoum International Airport, providing an opportunity to reach two-thirds of the world’s population in eight hours.

Source: Emirates News Agency