Dubai has been always famous as a destination where people have jobs with high salaries. The good news is 25,000 more jobs also will be created in this amazing Middle Eastern city. This will happen in the future 5 years. Here is more info…
According to His Highness Sheikh Mohammed bin Rashid Al Maktoum, the country has allocated a budget of Dh 30 billion to create new jobs and also boost the economy.
Banks of the United Arab Emirate will have a pivotal role in creating jobs in the UAE. In fact, they will support the industrial sector that is highly important and crucial.
Dr Sultan Al Jaber is the Minister of Industry and Advanced Technology. He is also the Chairman of EDB. According to his explanation, the banks in the United Arab Emirates have certain objectives and strategies to support over 13,500 SMEs.
He has said that the launch of the strategy will be based on Industrial Strategy 2021-2031 goals.
There is also a comprehensive national program that is called Operation 300bn. It aims to increase the economic growth through the contribution of the industrial sector.
The ministry will cooperate with banks to further support the large corporations, SMEs and business owners. Different industries including infrastructure, healthcare, food security and technology will be supported under this program.
Sustainable development
According to what Al Jaber has said, EDB will act like an important financial engine for this scheme. It will also provide the country with housing finance.
In addition to all of the mentioned solutions, EDB will train, advise and guide the entrepreneurs that are UAE citizens and residents.
There are also some tools that EDB will provide. These tools include:
- Project financing
- Supply chain support
- long-term financial support
- equity capital financing
- business accelerators
- Fund for business growth
He has also added that the economic development in post-Covid 19 is one of the most important steps that the UAE’s leadership has placed on priority.
According to him, an enormous effort with the stakeholders is what resulted in this program. Developing practical solutions also is another result.
The way forward
The next phase of this program is helping the industrial sector by providing financial support. This is what Al Jabber has stressed.
Based on this program, small and medium companies will receive extended financial support from UAE banks, and this is one of the priorities. Enhancing direct financing in 2021 to help major sectors is also another priority.
There is also a Dh1 billion investment fund that start-ups and SMEs can receive in 2022. It will be for certain industrial companies in the main sectors that are in need of investment and financing.
So far, the bank has supported so many businesses. It is interesting to note that there is a business loan of Dh1.8 billion that companies can receive!
The bank also provides housing loans being equal to Dh2.4 billion. These are what make the UAE a special place on the planet!