- Its partner Future Factory will undertake free site visits, offering expert advice
- Bank’s strategy supports 5 key areas - manufacturing, advanced technology, infrastructure, healthcare, and food security
Abu Dhabi: Emirates Development Bank (EDB), the key financial engine of the UAE’s economic diversification and industrial transformation agenda, is announcing a new drive to offer free expert guidance to its manufacturing customers.
EDB is partnering with Future Factory, one of the leading engineering and consultants specializing in building “smart” factories, improving manufacturing processes and drawing up future business strategies. Through the partnership, Future factory will offer SMEs within EDB’s portfolio practical advice and consultancy services at no charge.
The initiative is in line with EDB’s strategy which revolves around progressing the economic development of the UAE, especially that of SMEs.
Launched in 2021, the strategy mandates EDB to support and empower the national industrial sector, facilitate the adoption of advanced technology, empower the growth of SMEs and to encourage start-ups and innovation all of which reflect the national development priorities and initiatives.
EDB strategy focuses on 5 priority sectors - manufacturing, advanced technology, infrastructure, health care and food security by supporting the thousands of companies which operate within them, providing long-term contribution to the national economy.
Commenting on the partnership with Future Factory to offer practical and immediate counsel to SMEs and to larger corporations, EDB’s Chief Executive Officer, Ahmed Mohamed Al Naqbi comments:
“We are partnering with Future Factory as they are aligned with our ambition to offer hands-on advice and insight to our customers, hence, supporting our ambition and commitment to the development of the UAE economy. Their experts will visit factories and give advice on the best recommendations on automation, robotics and other methods to re-process engineering”.
“This is a great opportunity for our customers who can avail the consultancy services free of charge, and thereby saving up to 18,000 AED. Manufacturers as well as start-ups looking to set up smart manufacturing bases throughout the UAE will benefit from a wide array of consultancy services that will help them enhance their value propositions. Future Factory, uses its own modelling tools to assess companies and helps them develop a comprehensive roadmap and future strategy, which will make them more competitive and efficient in the worldwide marketplace.”
Future Factory CEO and founder, Douglas Hassell comments: “The Smart Factory is where the future is being made today. The impact of the 4th Industrial Revolution (which conceptualises rapid change to technology, industries, and societal patterns and processes in the 21st century due to increasing interconnectivity and smart automation) will lead to greater interconnectivity of products, value chains and business models.”
“Manufacturers must think and plan radically enough to ensure their enterprise can embrace these changes and grow through disruptive times. Preparation is the key to mitigating the change that is going to impact everybody. This is where Future Factory can help your business and lead you on your smart manufacturing journey.”
In conclusion, EDB’s Chief Executive Officer, Ahmed Mohamed Al Naqbi comments:
“We trust that our new initiative will not only help SMEs grow and prosper in the UAE, but will also fulfil our ongoing commitment to the UAE’s ambitious and successful economic expansion. In short, we will strive to maximize our impact on the UAE economy, and this new advisory service offers immediate assistance to our ambitious young entrepreneurs.”
About Emirates Development Bank
Emirates Development Bank [EDB], headquartered in Abu Dhabi, was established under Federal Law by Decree No. 07 of 2011 issued by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE. It became operational in June 2015. The Bank unveiled its new strategy in 2021 reinforcing its identity as one of the key drivers of the UAE’s economic recovery. EDB offers financial and non-financial support to SMEs, startups and large corporates operating in strategic priority sectors in the UAE, as a step to boost their contribution to the country’s non-oil GDP. The Bank also provides home finance support to the UAE Nationals. EDB operates two branches in Abu Dhabi and Dubai. For more details, visit www.edb.gov.ae