ABU DHABI - Emirates Development Bank (EDB) has announced a new drive to offer free expert guidance to its manufacturing customers. EDB is partnering with Future Factory to 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 encourage start-ups and innovation - all of which reflect the national development priorities and initiatives.
EDB strategy focuses on five priority sectors - manufacturing, advanced technology, infrastructure, health care and food security by supporting the thousands of companies which operate within them, providing a long-term contribution to the national economy.
Commenting on the partnership, EDB's Chief Executive Officer Ahmed Mohamed Al Naqbi said, "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 advise 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, thereby saving up to AED18,000. Manufacturers and 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 modelling tools to assess companies and helps them develop a comprehensive roadmap and future strategy, making them more competitive and efficient in the worldwide marketplace."
Future Factory CEO and founder Douglas Hassell commented, "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."
In conclusion, EDB's Chief Executive Officer Ahmed Mohamed Al Naqbi said that the new initiative will not only help SMEs grow and prosper in the UAE, but will also fulfil the ongoing commitment to the UAE's ambitious and successful economic expansion. "In short, we will strive to maximise our impact on the UAE economy, and this new advisory service offers immediate assistance to our ambitious young entrepreneurs."