The Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, approved the Emirates Development Bank strategy with a financing portfolio of 30 billion dirhams (8.1 billion dollars), as part of a development and investment vision aimed at strengthening the bank's role as a primary engine and an active contributor in the process of developing the national economy.
Sheikh Mohammed bin Rashid Al Maktoum affirmed that "continuing to stimulate the national economy during the current stage is a top priority that requires concerted efforts by all parties and coordinating roles between the various components of the economic sector," noting that "we must adopt a unique vision that takes into account the global developments and ensures the sustainability of the process of growth and development to help the commercial and industrial enterprises in the state maximize their returns, thus contributing to the advancement of the economic sector.
The Emirates Development Bank has monitored a financial portfolio of 30 billion dirhams ($8.1 billion), over five years, dedicated to supporting several industrial sectors, contributing to financing and supporting more than 13.5 thousand small, medium and large companies, and creating 25,000 jobs. The sectors of industry, infrastructure, health care, food security and technology are among the financing solutions provided by the bank. Among the bank’s priorities also is the launch of a Fund to invest in the capital of emerging companies and small and medium enterprises with a value of one billion dirhams ($272 million) during 2022, and targeting industrial companies that need financing.
Source (Al Sharq Al Awsat Newspaper, Edited)
