To help achieve the goals of Projects of the 50, the UAE Government has announced a new project that involves the allocation of Dh5 billion to support Emirati projects in priority sectors.
The Dh5 billion is part of the Emirates Development Bank’s April 2021 allocation of Dh30 billion to help accelerate industrial development, adopt advanced technology, and support entrepreneurship and innovation by 2025. The investments will support its wider mission of increasing productivity, enhancing the industrial sector’s contribution to GDP and creating job opportunities for UAE’s citizens.
Supporting emerging Emirati businesses follows a forward-looking vision to diversify the economy and improve competitiveness, considering that SMEs in the UAE constitute a major part of the national economy, state news agency Wam reported.
A separate Dh5 billion project named Tech Drive will further prepare the country for the Fourth Industrial Revolution by furthering the UAE’s economic diversification and industrial transformation.
Established in partnership with the Emirates Development Bank, the fund will support the industrial sector’s shift towards the applications of the Fourth Industrial Revolution over the next five years.
It will also provide programmes and incentives to support entrepreneurs in the industrial sector, aiming to achieve a Dh25 billion contribution to the GDP and raise productivity by 30 per cent.
Through providing the necessary financing for companies and industrial institutions seeking to adopt the applications of the Fourth Industrial Revolution, Tech Drive aims to establish an attractive business environment for local and international investors and support the growth of national products.
The fund’s packages include financial and non-financial programmes, direct and indirect lending, capital investment in emerging and small and medium-sized companies, and advisory and guidance services.
