His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai recently launched a new strategic programme to boost the economy of UAE.
The funds for this initiative will be provided by Emirates Development Bank (EDB). The bank will provide the funds in tune of Dh30 billion to support businesses and start-ups in a major step to drive the national economy.
أطلقنا البرنامج الاستراتيجي الجديد لمصرف الإمارات للتنمية … محفظة تمويلية بقيمة ٣٠ مليار درهم لتحفيز مجموعة من القطاعات الحيوية ذات الأولويات الوطنية .. الهدف تمويل ١٣٥٠٠ شركة جديدة في هذه القطاعات خلال الأعوام القادمة .. pic.twitter.com/orNmcgT4yf
— HH Sheikh Mohammed (@HHShkMohd) April 5, 2021
The EDB Strategy was launched in the presence of various government officials and delegates some of them included Lt. General Sheikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs and last but not the least Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation.
It may be recalled that Sheikh Mohammed Bin Rashid had launched Operation 300bn in March this year as a 10-year comprehensive strategy.
Ambition, entrepreneurialism and hard work have been integral to our success as a nation. The new Emirates Development Bank Strategy will provide support to a range of businesses, start-ups and SMEs, while enhancing the long-term resilience and sustainability of our economy
— محمد بن زايد (@MohamedBinZayed) April 5, 2021
Once implemented this strategy will more than double the industrial sector’s contribution to the country’s GDP, positioning the UAE as a global industrial hub by 2031.
What is Operation 300bn?
Under the strategy Operation 300bn, EDB will allocate a portfolio of Dhs30 billion to support priority industrial sectors over a period of five years. This will go towards financing more than 13,500 SMEs and creating 25,000 jobs.
This will emphasize the role of the bank as a key driver of the national economic development that provides a large support network for the industrial sector in line with the Industrial Strategy 2021-2031 objectives.
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*Please Note: This article was published on 06th April 2021. The information provided in the article is based on the policies and rules applicable at the time of writing it. Talk to one of our consultants for any recent updates or changes.
