UAE allocates Dh5 billion to support Emirati projects
'Project 5Bn' aims to support young citizens in the business environment
Emirati entrepreneurs no longer have to worry about getting funding for their start-up businesses.
The UAE Government on Sunday announced its plans to allocate Dh5 billion to support Emirati projects in priority sectors to help facilitate the goals of the Projects of the 50.
Dr Sultan bin Ahmed Al Jaber, the Minister of Industry and Advanced Technology, said: “We have realised that financing is one of the challenges facing start-up or early-stage Emirati companies, and we hope that ‘Project 5Bn’ will underline the priority we put on supporting young citizens in the business environment.”
Project 5Bn is part of the Emirates Development Bank’s April 2021 allocation of Dh30 billion to help accelerate industrial development, adopt advanced technology, and support entrepreneurship and innovation by 2025.
The project aims to support the wider mission of increasing productivity, enhancing the industrial sector’s contribution to GDP and creating job opportunities for UAE’s citizens.
“Supporting emerging Emirati businesses follows a forward-looking vision to diversify the economy and improve competitiveness, considering that SMEs in the UAE constitute a major part of the national economy,” said Dr Al Jaber.
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