UAE announces $8.2bn stimulus for industrial sector
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On Monday, Dubai Ruler Mohammed bin Rashid Al-Maktoum announced the Emirates Development Bank is allocating 30 billion dirhams ($8.17 billion) to support companies regarded as a priority for the UAE economy.
According to a statement carried by WAM, the programme will benefit about 13,500 companies in industrial sectors, in turn creating 25,000 jobs.
Launched to support the UAE’s “Operation 300bn,” this 10-year strategy looks to expand the country’s industrial output, raising its contribution to GDP to 300 billion dirhams by 2031.
Sultan Al-Jaber, chairman, EDB, said, “The new EDB strategy will help accelerate industrial development and the adoption of advanced technology through dedicated financing programmes and will also provide dedicated investment funds that will support entrepreneurs, start-ups and SMEs.”
“EDB will prioritise creating partnerships with UAE banks to give small and medium-sized industrial companies access to financial services, and in increasing its direct financing by 73 per cent in 2021 for priority sectors,” added UAE minister.
The bank is also set to launch a one billion dirhams investment fund for start-ups and SMEs in 2022.
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(With inputs from agencies)