The Emirates Development Bank (EDB) has signed a Memorandum of Understanding (MoU) with the Hamriyah Free Zone in Sharjah and the Sharjah Airport International Free Zone (SAIF) to provide financial support to SMEs and startups operating in both free zones.
The MoU was signed at SAIF’s headquarters in Sharjah by Mr. Saud Salim Al Mazrouei, Director of Hamriyah Free Zone and SAIF, and Mr. Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB.
The MoU reflects the shared commitment to developing a supportive environment for business and accelerating the UAE’s economic diversification agenda by championing pioneering projects and emerging industries.
The partnership enables EDB to offer its range of flexible financial solutions to SMEs and startups in Hamriyah Free Zone and SAIF, including Capex financing for expansion or facility upgrades, greenfield and brownfield project finance, and financial support for the integration of Industry 4.0 technologies or clean energy transition.
Saud Salim Al Mazrouei Director Hamriyah Free Zone & SAIF
“EDB’s support for companies within the Hamriyah Free Zone and SAIF will provide a significant boost to Sharjah’s economic diversification efforts, encouraging entrepreneurship and enabling a new generation of businesses to scale and grow. The MoU also unlocks new financing potential for companies seeking to open operations in Sharjah, complementing existing initiatives in both free zones to enhance SMEs’ contribution to the local economy through facilities, advice and networking.”
Mr. Al Naqbi said that “In line with our strategy to support the UAE’s economic diversification and industrial transformation agenda, EDB is helping to enhance the bankability of SMEs, start-ups and innovative projects launched by younger entrepreneurs across the country. Our goal is to facilitate their access to our range of financial services, enabling them to develop and expand their businesses, develop new economic sectors, especially those based on advanced technologies, and support sustainable economic development.”
