Innovative financing solutions attract firms to UAE amid global capital crunch

Innovative financing solutions attract firms to UAE amid global capital crunch

ABU DHABI, 1st June, 2023 (WAM) -- The CEOs of major national banks have underscored the importance of the UAE government's efforts in providing subsidies, financing, and guarantees to facilitate market access in the UAE amid rising global challenges to capital access.

Speaking at the 'Competitive Financing as a Key Enabler' panel on the final day of the Make it in the Emirates Forum, Raja Al Mazrouei, CEO of Etihad Credit Insurance (ECI), highlighted the crucial role of innovative financing solutions in driving manufacturing growth in the UAE and attracting outside players.

Al Mazrouei stated: "Everybody sees this as an opportunity to bring their businesses here. Accessing capital can be challenging, but fortunately the government has established a substantial pool of subsidies, financing, and guarantees that are available for all entities looking to enter the market.”

Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank (EDB), stressed the indispensable role of a robust financial sector in supporting the manufacturing industry. He said: "A proper manufacturing sector cannot thrive without a strong financial sector backing it." Al Naqbi also noted that development banks play a key role by offering tailored solutions and supporting sectors that may carry higher risk compared to commercial banks.

The panel