In an announcement on Monday, Dubai ruler Mohammed bin Rashid Al-Maktoum stated that the UAE government has approved an AED30 billion ($8.2 billion) package to support potential companies for economic growth.
The Emirates Development Bank (EDB) Strategy was given approvals by Sheikh Mohammed. In a statement, he said that the national economy is a top priority requiring the combined efforts of all the economic entities in the coming phase.
According to a statement, the program will benefit over 13,500 businesses and create 25,000 jobs in industrial sectors. The program is aligned to meet UAE’s Operation 300bn, a 10-year strategy to leverage the bank’s role as a key driver to the economy and raise the country’s GDP to 300 billion dirhams by 2031.
The EDB bank has been allocated a portfolio of AED30 billion to aid priority industrial sectors in the next 5 years—a move that will finance over 13,500 SME’s. The bank will launch an AED1 billion ($272.3 million) investment fund for SMEs and start-ups in 2022 as well.
The bank will be responsible for consolidating partnerships with UAE banks to strengthen SMEs and boost direct financing by 73% this year, all while focusing on underserved sectors with financial solutions.