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Emirates Development Bank unveils AED 424m in financing agreements

Emirates Development Bank unveils AED 424m in financing agreements
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UAE – Mubasher: Emirates Development Bank (EDB) has announced a comprehensive set of approvals for financing deals at an aggregated value of AED 424 million to drive economic diversification.

The agreements will foster the UAE’s position as a global manufacturing hub and reinforce the adoption of advanced technologies in line with sustainable growth.

This came during the Make It in the Emirates forum, which was held at the Abu Dhabi Energy Centre, according to a press release.

The financing targets various industries and includes the development of a new steel complex in KEZAD for manufacturing rolled steel. It will have a factory to produce recycled kraft paper in order to meet the demand for sustainable paper packaging converters.

The bank will support the expansion of India-based pharmaceutical firm Himalaya Wellness, which will establish herbal medicines and supplements manufacturing facility in Dubai Industrial City. The project marks the company’s first plant outside India.

Emirates Development Bank will also back the establishment of Dana Group's fifth factory in the UAE. This is besides empowering four small and medium-sized enterprises (SMEs) that are contributing to the vibrant manufacturing landscape in the UAE. The four entities are Star Paper Mill, Bluetec, OSE Industries, and Ipack.

Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, said: “ With our goal to increase the industrial sector's contribution to [gross domestic product] GDP to more than AED 300 billion by 2031, the Make it in the Emirates Forum is timely and relevant to showcase our progress in boosting national production in line with national industrial objectives.”

“The financing comes as part of the bank’s mandate to approve AED 30 billion in financing support to companies in the UAE within five key focus sectors – renewables, manufacturing, technology, healthcare, and food security – by 2026,” Al Naqbi added.

Last April, Fitch Ratings maintained Emirates Development Bank’s 'AA-' long-term issuer rating (IDR), with a stable outlook.