EDB commits $1.36 billion to fuel the UAE’s manufacturing sector

The Emirates Development Bank (EDB) announced at Make it in the Emirates forum an unprecedented commitment of AED 5 billion ($1.36 billion) in financing for 2024, aimed at accelerating the development of the manufacturing sector across the country in line with the UAE Industrial Guidelines Arab Development Strategy.

The funding will drive significant progress in technology adoption, economic resilience and diversification.

Loan financial support

EDB has a mandate to provide AED 30 billion in financial support to 13,500 enterprises in five priority sectors by 2026 – renewables, manufacturing, advanced technology, healthcare and food security.

EDB’s targeted financing includes AED 1 billion for co-lending to commercial banks under the Credit Guarantee Program and Multilateral Agreements, further expanding the impact and reach of this financing initiative.

Global hub

Commenting on the announcement, Ahmed Mohamed Al Naqbi, CEO of EDB, said: “By strategically committing this significant amount of financing, including AED 1 billion in co-lending to our commercial bank partners, we are facilitating the adoption of cutting-edge technologies and supporting innovations that will expand production capabilities United Arab Emirates, positioning our country as a leading global center for high-tech industries. This financing demonstrates our confidence in the UAE’s industrial sector and its potential to drive significant economic growth.

“Through the Make it in the Emirates initiative and our strategic partnership with MoIAT, we are committed to ensuring that these financing agreements translate into job opportunities, increased industrial production, greater domestic value and greater economic resilience. We believe that the impact of this commitment will be felt throughout the economy, elevating the UAE’s industrial potential and contributing significantly to the national GDP,” he added.

From the launch of the strategy in April 2021 to the end of the first quarter of 2024, EDB’s support to the manufacturing sector amounted to AED 4.7 billion in financing. This represents 46 percent of EDB’s total funding of AED 10.4 billion. The significant new financing agreement reflects EDB’s strategic focus on strengthening the foundations of the UAE’s industrial sector as a cornerstone of the national economy. Therefore, as EDB continues to support the Make it in the Emirates initiative, this financial commitment of AED 5 billion will have a significant impact, supporting the UAE’s vision for a sustainable and diversified economic future.

The financing aims to support a wide range of manufacturing projects, particularly those using advanced technologies, that are in line with the UAE’s ambitious economic diversification plans.

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