His Majesty Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has sanctioned the Emirates Development Bank (EDB) Strategy, which will provide a significant Dhs30 billion in financial support to businesses and start-ups, to boost the country's economy.

The EDB Strategy, was launched to support "Operation 300 billion," aims to use the Bank's position as a key driver of the national economy to provide the most extensive support network for the manufacturing sector.

According to Sheikh Mohammed Bin Rashid Al Maktoum, "In future, advancing the national economy is a top priority that will necessitate a collaborative effort from all of our economic institutions. To maximise the industrial sector's revenue and boost the broader economy, we must embrace a distinct vision that meets global trends and motivates growth. The Emirates Development Bank Strategy represents a quantum leap forward in the bank's position as a key economic engine. Providing appropriate financial solutions to help the role of SMEs in shaping the economy of our country.”

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 Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, were present at the launch of the EDB Strategy.

Sheikh Mohammed Bin Rashid announced "Operation 300bn" in March, a 10-year plan to double the industrial sector's addition to the UAE's GDP by 2031.

The Bank's agenda pillars and priorities were outlined by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Chairman of EDB. The Bank allocated a Dhs30 billion portfolio to help priority industrial sectors over a five-year term, resulting in the financing of over 13,500 SMEs and the creation of 25,000 jobs. The Bank's position as a key driver of national economic growth, providing a broad support network for the industrial sector in line with the Industrial Strategy 2021-2031 initiatives, has led to the launch of the strategy.

Al Jaber says, "Operation 300 bn is a multi-pronged national initiative aimed at increasing the industrial sector's contribution to the UAE's long-term economic development. The UAE Development Bank and the Ministry of Industry and Advanced Technology will work together to help large companies, SMEs, and entrepreneurs in a variety of sectors, including healthcare, infrastructure, food production, and technology.”

EDB would serve as a key financial driver for the national industrial strategy Operation 300 billion. Through dedicated funding programmes, the latest EDB strategy would help drive industrial growth and the implementation of advanced technology.

EDB will supplement its service to businesses and entrepreneurs with training, counseling, and advice for UAE people and tenants, in addition to flexible housing solutions. EDB aspires to foster a culture of creativity, with an emphasis on sectors that will ensure the country's long-term viability. EDB will also offer supply chain support, project funding, long-term financing, business accelerators, and venture capital financing, among other services.

His Majesty Sheikh Mohammed Bin Rashid Al Maktoum is optimistic that our country will achieve a number of significant milestones over the next 50 years. And His Majesty Sheikh Mohamed Bin Zayed Al Nahyan has emphasized the importance of a united national effort, urging the entire country to multiply its efforts tenfold in order to achieve the country's lofty goals.

Along with the Ministry's and the EDB's near collaboration, Operation 300 bn is the product of a massive collaborative effort with our stakeholders, which enabled and allowed us to develop realistic, integrated solutions.

Establishing alliances with UAE banks to expand financial services to small and medium manufacturing businesses is one of EDB's top priorities, as is rising direct funding by 73 % in 2021 to help priority industries, including underserved sectors with comprehensive financial solutions.

In addition, in 2022, the Bank will open a Dhs1 billion investment fund for start-ups and SMEs. The Strategy builds on the Bank's long-standing position in advancing the country's economy. Since its establishment, the Bank has aided 550 businesses, allocating Dhs1.8 billion in business loans to SMEs and Dhs2.4 billion in housing loans, in addition to its $750 million 5-year Senior Bond issued under a $5 billion scheme.