The Emirates Development Bank will provide Dh30 billion ($8.17bn) in financing over the coming five years to support the UAE's efforts to more than double the size of the industrial sector in the coming decade.
The announcement was made on Monday by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
The funds will help create and back 13,500 new companies in various sectors and generate 25,000 jobs, Sheikh Mohammed said on Twitter as he unveiled the initiative.
In attendance were Deputy Prime Minister and Minister of Interior Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed and Minister of Foreign Affairs and International Co-operation Sheikh Abdullah bin Zayed.
The EDB strategy, which is aligned with the Ministry of Industry and Advanced Technology, will fund industries such as health care, infrastructure, food security and technology.
"Advancing the national economy is a top priority that requires a joint effort of all our economic entities in the coming phase,” said Sheikh Mohammed.
“We must adopt a distinctive vision that meets global trends and sustains development to maximise the industrial sector’s revenue and boost the broader economy.”
The EDB is a key driver of the national economy. Through its financial backing, it will support the role played by small and medium enterprises in shaping the UAE's national economy, said Sheikh Mohammed.
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, said on Twitter that the EDB strategy was "an additional ambitious engine for the development of the national economy" and a major supporter of companies and SMEs.
"We are keen to support exceptional initiatives and creative ideas that adopt industry and advanced technology that meets our future development priorities," he said.
Last month, the UAE's leadership announced a new industrial strategy named Operation 300bn that aims to more than double the industrial sector's contribution to the country’s economy.
Overall, Operation 300bn will boost the industrial sector's contribution to Dh300 billion by 2031, from Dh133bn currently.
The initiative is being led by the Ministry of Industry and Advanced Technology.
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and chairman of EDB, presented the bank’s strategy pillars and objectives on Monday, which are in line with the goals of Industrial Strategy 2021-2031.
"Through close collaboration, the Ministry of Industry and Advanced Technology and the Emirates Development Bank will extend support to large corporations, SMEs and entrepreneurs across various industries including health care, infrastructure, food security and technology,” he said.
The EDB will act as "a critical financial engine" in tandem with its continued mandate to provide Emiratis with housing finance, said Dr Al Jaber.
The Ministry of Industry and Advanced Technology has conducted workshops, met and held discussions with 200 stakeholders in the federal, local and private sectors to help to create its new strategy to boost manufacturing, he added.
The EDB strategy will help to hasten industrial development and the adoption of advanced technology while its funds will support entrepreneurs, start-ups and SMEs, he said.
The lender will seek to spur “innovation, with a focus on the industries our leadership have identified as critical to the nation’s long-term sustainable growth,” he said.
It will also provide supply chain support, project finance, long-term finance, business accelerators, equity capital finance and a business growth support fund.
The EDB will establish partnerships with UAE lenders to extend financial services to small and medium industrial companies and increase its direct financing by 73 per cent in 2021.
It will support priority sectors while also offering extensive financial solutions to underserved sectors.
Entrepreneurs of all nationalities in the UAE and SMEs owned by both citizens and residents can apply for finance, which will take the form of direct and indirect lending, as well as equity finance for start-ups.
The bank will launch a Dh1bn investment fund for start-ups and SMEs in 2022 and focus on industrial companies in critical sectors that need funds and investment.
The EDB has supported 550 companies and provided Dh1.8bn in business loans to SMEs since its inception. It has also provided housing loans worth Dh2.4bn.
As part of the overarching industrial strategy, a Make it in the Emirates campaign will showcase the benefits of being a manufacturer in the country, as well as build a reputation for quality.
Operation 300bn and Make it in the Emirates will boost job creation, stimulate research and development, boost competitiveness and increase self-sufficiency, which will enhance the resilience of the UAE's economy.
The industrial sector's R&D spending will increase to Dh57bn by 2031, more than doubling from Dh21bn. That will increase its contribution to gross domestic product to 2 per cent from 1.3 per cent.
“This announcement is a continuation of the UAE's vision to increase manufacturing’s economic contribution," said Saud Abu Al-Shawareb, Managing Director of Dubai Industrial City.
"As a global industrial hub, we are proud to have contributed to this growth and look forward to seeing this new strategy turbocharge an advanced manufacturing sector that leverages solar power, artificial intelligence, robotics and 3D printing to enhance the UAE’s knowledge and innovation-based economy.”
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Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
UAE currency: the story behind the money in your pockets
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Other shows filmed in Ireland include: Vikings (County Wicklow), The Fall (Belfast), Line of Duty (Belfast), Penny Dreadful (Dublin), Ripper Street (Dublin), Krypton (Belfast)
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
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Call the hotline on 0502955999 or send "thenational" to the following numbers:
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
Watch live
The National will broadcast live from the IMF on Friday October 13 at 7pm UAE time (3pm GMT) as our Editor-in-Chief Mina Al-Oraibi moderates a panel on how technology can help growth in MENA.
You can find out more here
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
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Publisher: Konami
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The five pillars of Islam
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
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Tips for entertaining with ease
· Set the table the night before. It’s a small job but it will make you feel more organised once done.
· As the host, your mood sets the tone. If people arrive to find you red-faced and harried, they’re not going to relax until you do. Take a deep breath and try to exude calm energy.
· Guests tend to turn up thirsty. Fill a big jug with iced water and lemon or lime slices and encourage people to help themselves.
· Have some background music on to help create a bit of ambience and fill any initial lulls in conversations.
· The meal certainly doesn’t need to be ready the moment your guests step through the door, but if there’s a nibble or two that can be passed around it will ward off hunger pangs and buy you a bit more time in the kitchen.
· You absolutely don’t have to make every element of the brunch from scratch. Take inspiration from our ideas for ready-made extras and by all means pick up a store-bought dessert.
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THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
11 cabbie-recommended restaurants and dishes to try in Abu Dhabi
Iqbal Restaurant behind Wendy’s on Hamdan Street for the chicken karahi (Dh14)
Pathemari in Navy Gate for prawn biryani (from Dh12 to Dh35)
Abu Al Nasar near Abu Dhabi Mall, for biryani (from Dh12 to Dh20)
Bonna Annee at Navy Gate for Ethiopian food (the Bonna Annee special costs Dh42 and comes with a mix of six house stews – key wet, minchet abesh, kekel, meser be sega, tibs fir fir and shiro).
Al Habasha in Tanker Mai for Ethiopian food (tibs, a hearty stew with meat, is a popular dish; here it costs Dh36.75 for lamb and beef versions)
Himalayan Restaurant in Mussaffa for Nepalese (the momos and chowmein noodles are best-selling items, and go for between Dh14 and Dh20)
Makalu in Mussaffa for Nepalese (get the chicken curry or chicken fry for Dh11)
Al Shaheen Cafeteria near Guardian Towers for a quick morning bite, especially the egg sandwich in paratha (Dh3.50)
Pinky Food Restaurant in Tanker Mai for tilapia
Tasty Zone for Nepalese-style noodles (Dh15)
Ibrahimi for Pakistani food (a quarter chicken tikka with roti costs Dh16)
