25,000 New Jobs In The UAE Over The Next 5 Years
As many as 25,000 jobs are being created in the UAE, and especially in Dubai. The aim is to support priority industrial sectors in the next five years.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has announced a Dh 30 billion initiative to enhance the economy of the UAE!
Emirates Development Bank strategy aims to leverage the role of bank as an important driver of the national economy. It will provide the largest support network for the industrial sector.
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Chairman of EDB, explained about the strategy pillars and objectives of the bank, under which more than 13,500 SMEs will be financed.
He noted that the launch of the strategy will be in line with the Industrial Strategy 2021-2031 goals.
Operation 300bn is a comprehensive national program with the purpose of enhancing the contribution of the industrial sector to the sustainable economic growth of the UAE, according to him.
The ministry and bank will work together closely to extend support to large corporations, SMEs and entrepreneurs across various industries including infrastructure healthcare, food security and technology, he added.
Al Jaber noted that EDB will be like a critical financial engine for Operation 300b. It will also provide Emiratis with housing finance.
In addition to providing flexible housing solutions, EDB will be beneficial for companies and entrepreneurs with training, counselling and guidance for UAE citizens and residents.
EDB will provide other tools such as project financing, supply chain support, long-term financing, equity capital financing, business accelerators, and a business growth support fund, according to Al Jaber.
He has also said that maintaining sustainable economic development in the post-Covid-19 era is a priority for the leadership of UAE.
He has said that Operation 300bn was the result of a tremendous effort with the stakeholders. It has also resulted in developing practical, integrated solutions that can be implemented right away.
The way forward
Al Jaber stressed that EDB will step up the financial support provided to the industrial sector in the next phase.
The priorities include establishing partnerships with UAE banks to extend financial services to small and medium industrial companies. Besides, priorities include increasing direct financing by 73 per cent in 2021 to support main sectors, while also focusing on underserved sectors with much more financial solutions.
The bank will also launch a Dh1 billion investment fund for start-ups and SMEs in 2022. The investment fund will be also for target industrial companies in priority sectors that need financing and investment.
The bank has supported more than 500 companies, allocating Dh1.8 billion in business loans to SMEs since its inception.
The bank also provided housing loans worth Dh2.4 billion as well as its $750 million five-year Senior Bond under a $5 billion program.