Emirates development bank to finance SMEs in Sharjah free zones
June 23, 2022
Emirates Development bank or EDB acts as a key financial engine of the UAE economy. In the recent economic diversification and industrial transformation agenda, they signed an MoU with the Sharjah Airport international free zone and Hamriyah free zone to provide financial support to start-ups and SMEs in these free zones.
The MoU shares the commitment to developing a supportive environment for business setup. Moreover, they accelerate the economic diversification agenda by leading various projects in emerging industries.
Further, EDB offers a wide range of lenient financial solutions to start-ups and SMEs in the SAIF and Hamriyah free zone. This includes,
- Capex financing for expansion
- Facility upgrades
- Greenfield and Brownfield project finance
- Financial support to integrate 4.0 technologies
- Clean energy transition
The support from EDB will provide a significant boost to the economic diversification efforts, encourage new business setup ideas, and start unique business ideas to grow in Sharjah and UAE. Salim Al Mazrouei, the director of SAIF and Hamriyah free zone shared these thoughts while signing the deal with Ahmed Mohamed Naqbi, the Chief executive officer of EDB.
Furthermore, the MoU unlocks several benefits such as financing support for companies ready to operate in Sharjah free zones along with the existing initiatives to enhance the overall contribution to the local economy.
The CEO of EDB stated that the MoU with two major free zones reflects their policy of developing a nationwide partnership to achieve their business objectives. Moreover, the agreement will potentially increase the pipeline of projects allowing them to identify the promising companies. Such companies would benefit from the financial support tasks like Capex investment or credit guarantees. Also, few non-financial tasks such as coaching, consulting, business advisory, and market research!
EDB and free zones also discussed the possibility of conducting road shows or webinars to popularize the companies operating with financial support from EDB.
Salim Al Mazrouei, the director of SAIF and Hamriyah free zone also shared that the Economic development bank is an important financial institution providing sustainable banking solutions to the national economy.
How does MoU support the financial ecosystem of Sharjah?
The MoU nurtures the entrepreneurial journey in Sharjah. The EDB and free zones are committed to support emerging companies and expanding their business. Thereby, it contributes to the sustainable growth of the UAE economy.
Along with this MoU, EDB enhances the bankability of startups, SMEs, and other innovative projects launched by emerging or young entrepreneurs. EDB facilitates its range of financial services to develop new economic sectors. Therefore, SAIF and Hamriyah free zone have sustainable economic development!
New Horizons Business Consultants is a provider of business setup services based in Dubai, United Arab Emirates. It is headed by Francesca Bouwman, who has years of experience in International Business Advisory and fluently speaks several European languages. For more details, call +971 58 500 8643 or email email@example.com