UAE jobs: Vacancies expected as major bank commits Dh5 billion towards manufacturing sector

UAE jobs: Vacancies expected as major bank commits Dh5 billion towards manufacturing sector

Published: Mon 27 May 2024, 5:06 PM

Emirates Development Bank (EDB), a key enabler of Operation 300bn, committed Dh5 billion in financing this year to enhance the UAE’s manufacturing sector and create new jobs.

State-owned EDB has been offering financing solutions with flexible terms for small and medium enterprises. As per the new announcement, EDB’s targeted financing includes Dh1 billion allocated for co-lending with 11 commercial banks through credit guarantee schemes and multilateral deals.

“By strategically allocating this significant amount in financing, we are facilitating the adoption of cutting-edge technologies and fostering innovation that will enhance the UAE’s manufacturing capabilities, positioning our nation as a leading global hub for high-tech industries,” Ahmed Mohamed Al Naqbi, CEO of EDB, said during the third 'Make it in the Emirates Forum' in Abu Dhabi.

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As part of Operation 300bn, EDB will provide Dh30 billion in financing support to 13,500 companies in five sectors — renewables, manufacturing, advanced technology, healthcare and food security by 2026.

Al Naqbi noted that the financing assistance will lead to job creation across sectors.

“We are committed to ensuring that these financing deals translate into employment opportunities, enhanced industrial output, greater in-country