Emirates Development Bank unveils AED 424mln in financing deals at Make It in the Emirates Forum

Emirates Development Bank unveils AED 424mln in financing deals at Make It in the Emirates Forum

Abu Dhabi, United Arab Emirates: In a strong show of support for local companies in the manufacturing sector, Emirates Development Bank ("EDB" or "the Bank"), the financial engine for UAE economic development and industrial advancement, today unveiled a comprehensive set of approvals for financing deals totaling AED424 million. The announcement was made at the 'Make it in the Emirates' Forum, held at the Abu Dhabi Energy Centre.

The financing targets different industries and includes establishing a new steel complex in KEZAD – Abu Dhabi for manufacturing rolled steel, a factory to produce recycled kraft paper, which aims to meet demand for sustainable paper packaging converters in the UAE, and a world-class herbal medicines and supplements manufacturing facility in Dubai. Financing deals were also approved for the establishment of a plant for production of sustainable bunker fuel in Fujairah, as well as the expansion of an aluminum extrusion factory to support electric vehicles, heating, ventilation, and air conditioning sectors.

The financing seeks to drive economic diversification, further enhance the UAE’s position as a global manufacturing hub and drive the adoption of advanced technologies in line with sustainable growth.

Through the financing, EDB will support the expansion of Himalaya Wellness, a large multinational corporation, support