ABU DHABI- Emirates Development Bank (EDB), a key financial enabler of the country’s economic diversification and industrial transformation agenda, has signed an MoU with Industrial Cities and Free Zone Cluster of AD Ports Group to support the industrial sector in the emirate and the UAE.
Ahmed Mohamed Al Naqbi, CEO of EDB, and Abdullah Al Hameli, Head of the Industrial Cities and Free Zone Cluster at AD Ports Group, signed the MoU, under which EDB will provide 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 can be utilised to build new facilities, purchasing, or leasing existing facilities as well as acquiring, upgrading, and maintaining the units’ physical assets, among other things.
In his comments, Ahmed Mohamed Al Naqbi said, "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 contributing 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.
Abdullah Al Hameli, Head of the Industrial Cities and Free Zone Cluster at AD Ports Group, said, "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. In line with this, our partnership with EDB is aimed at broadening the support to our clients by facilitating the financing solutions to enable growth and expansion plans of industrial companies and contributing to the UAE’s ‘Operation 300bn’ Industrial strategy. Through our collaborative efforts, we wish to empower industrial units, SMEs, and entrepreneurs operating within KIZAD and ZonesCorp."
As part of the partnership agreement, EDB and AD Ports Group also plan to organise a series of interactive webinars with panel discussions and one-on-one meetings with existing KIZAD and ZonesCorp clients to provide in-depth understanding of the financing solutions offered by EDB.
With a total area of 550 sq.km. of which 100 sq.km. is specifically designated as free zone, KIZAD and ZonesCorp under the IC&FZ Cluster form the largest industrial hub for integrated trade and logistics in the region, offering investors a highly efficient base for their trading, manufacturing units, export operations, and related activities.
The Cluster comprises 1,500 local, regional, and international investors operating within the food, logistics, automotive, polymers, metals, oil and gas, life sciences, and advanced technology industries.
© Copyright Emirates News Agency (WAM) 2022.