Emirates Development Bank (EDB), the fully-owned UAE Federal Government financial entity, has signed a Memorandum of Understanding (MoU) with Industrial Cities and Free Zone Cluster of Abu Dhabi Ports Group (AD Ports Group) to support the industrial sector in the emirate and the UAE.
As part of the MoU, EDB will offer innovative financial solutions to the industry players who are part of the AD Ports Group ecosystem in KIZAD and ZonesCorp and support their growth and expansion.
The financial solutions by the bank can be used to build new facilities, purchase, or lease existing facilities as well as acquire, upgrade, and maintain the units’ physical assets, among other things.
Ahmed Mohamed Al Naqbi CEO – EDB
“Our collaboration with AD Ports Group is part of the bank’s vision to support the country’s economic diversification plans and enable the industrial units in the KIZAD and AD Ports Group ecosystem with easy access to financial solutions. Coming within our broad strategy to empower the startup and industrial units, the EDB solutions will help bridge the funding gap for large corporates and SMEs operating in priority sectors in KIZAD. This will help support the UAE’s goals to build a robust knowledge-based economy and contribute to sustainable economic development.”
The MoU aligns with EDB’s continuous efforts to enable the industrial transformation and economic diversification agenda in the UAE, build a knowledge-based economy, increase global competitiveness and sustainable growth.
As part of the partnership agreement, EDB and AD Ports Group also plan to organize a series of interactive webinars with panel discussions and one-on-one meetings with existing KIZAD and ZonesCorp clients to offer an in-depth understanding of the financing solutions offered by the bank.
Mr. Abdullah Al Hameli, Head of the Industrial Cities and Free Zone Cluster at AD Ports Group, stated that “The industrial zones in Abu Dhabi are currently home to over 1,500 businesses including some of the world’s leading global industrial players operating in a variety of sectors. At KIZAD, ZonesCorp and AD Ports Group, our efforts are geared towards creating an investor-friendly ecosystem.”
