UAE introduces new financing solutions for defence industries

UAE introduces new financing solutions for defence industries

Emirates Development Bank to offer green financing, financing capital expenditure, and finance start-ups and SMEs

By Wam Published: Wed 22 Feb 2023, 12:00 AM

UAE-based SMEs in the industrial sector will soon be able to access new financing solutions and enablers following a memorandum of understanding (MoU) signed at IDEX and NAVDEX 2023.

The MoU between the Ministry of Industry and Advanced Technology (MoIAT), Tawazun Industrial Park (TIP) and the Emirates Development Bank (EDB) was signed on the side-lines of the defence exhibition.

In line with the Make it in the Emirates initiative, the MoU aims to attract industrial investors to strategic sectors such as defence by providing a package of incentives and benefits.

Under the MoU, MoIAT and the Tawazun Industrial Park will provide incentives to attract industrial investments to the park in line with MoIAT’s efforts to create an attractive business environment for local and international investors, as well as stimulate innovation and the adoption of advanced technology in the industry.

The Emirates Development Bank will provide flexible and competitive financing solutions such as green financing, financing capital expenditure, and financing start-ups and SMEs.

Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology said: “The MoU will help empower the industrial sector