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UAE jobs: Vacancies expected as major bank commits Dh5 billion towards manufacturing sector

As part of Operation 300bn, Emirates Development Bank will provide Dh30 billion in financing support to 13,500 companies in five sectors

Published: Mon 27 May 2024, 5:06 PM

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Emirates Development Bank (EDB), a key enabler of Operation 300bn, committed Dh5 billion in financing this year to enhance the UAE’s manufacturing sector and create new jobs.

State-owned EDB has been offering financing solutions with flexible terms for small and medium enterprises. As per the new announcement, EDB’s targeted financing includes Dh1 billion allocated for co-lending with 11 commercial banks through credit guarantee schemes and multilateral deals.

“By strategically allocating this significant amount in financing, we are facilitating the adoption of cutting-edge technologies and fostering innovation that will enhance the UAE’s manufacturing capabilities, positioning our nation as a leading global hub for high-tech industries,” Ahmed Mohamed Al Naqbi, CEO of EDB, said during the third 'Make it in the Emirates Forum' in Abu Dhabi.

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As part of Operation 300bn, EDB will provide Dh30 billion in financing support to 13,500 companies in five sectors — renewables, manufacturing, advanced technology, healthcare and food security by 2026.

Al Naqbi noted that the financing assistance will lead to job creation across sectors.

“We are committed to ensuring that these financing deals translate into employment opportunities, enhanced industrial output, greater in-country value, and stronger economic resilience. We believe that the ripple effects of this commitment will be felt across the economy, elevating the UAE’s industrial capabilities and contributing significantly to its national GDP.”

Since the launch of its strategy in April 2021 to the end of the first quarter of 2024, EDB’s support for the manufacturing sector reached Dh4.7 billion in financing at 46 per cent of its Dh10.4 billion total financing. The new financing deal aims to support a wide range of manufacturing projects, particularly those incorporating advanced technologies aligned with the UAE’s economic diversification plans.

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