Emirates Development Bank announces deals worth $115.4m at Make it in the Emirates forum

The financing comes as part of the lender’s mandate to approve $8.2bn in financing support to companies in the Emirates by 2026

Emirates Development Bank is a key financial engine for the economic development and industrial advancement of the UAE. Photo: EDB

Emirates Development Bank, the state-owned lender that provides financing for the UAE's priority sectors, announced financing deals worth Dh424 million ($115.4 million) at the second Make it in the Emirates forum in Abu Dhabi on Wednesday.

The Make it in the Emirates campaign encourages local and international investors to manufacture and export products from the UAE.

EDB’s financing comes as part of the lender’s mandate to approve Dh30 billion in financing support to companies in the Emirates in five key focus sectors – renewables, manufacturing, technology, health care and food security – by 2026.

The latest deals include setting up a new steel complex in Kezad, Abu Dhabi, for manufacturing rolled steel, a factory to produce recycled kraft paper to meet demand for sustainable paper packaging converters, and a herbal medicines and supplements manufacturing facility in Dubai.

The financing seeks to drive “economic diversification, further enhance the UAE’s position as a global manufacturing hub and drive the adoption of advanced technologies in line with sustainable growth”, the bank said in a statement.

“The UAE has leveraged its resources and strengthened its national industrial capabilities, becoming a regional leader in manufacturing,” said Ahmed Al Naqbi, chief executive of EDB.

“We are proud to announce the approvals on financing a large number of projects today, which will play a pivotal role in supporting the expansion plans of prominent companies in the UAE. These companies have all shown a commitment to manufacturing in the UAE.”

The inaugural Make it in the Emirates Forum in June last year resulted in Dh110 billion worth of potential procurement agreements covering 300 products across 11 sectors.

The event falls under the umbrella of the UAE's Operation 300bn strategy, which seeks to position the country as an industrial centre by 2031.

The 10-year plan focuses on increasing the industrial sector's contribution to the UAE economy to Dh300 billion in 2031, from Dh133 billion in 2021.

Through the latest financing, EDB will support the expansion of Himalaya Wellness, an India-based pharmaceutical company. Himalaya Wellness will establish a herbal medicines and supplements manufacturing facility in Dubai Industrial City, the company’s first plant outside India.

EDB will also assist in the establishment of Dana Group's fifth factory in the UAE. The new factory will have 500,000 metric tonnes of rolling capacity, supplying products such as cold rolled full hard coils.

It will also support the growth of four SMEs in the Emirates – Star Paper Mill, Bluetec, OSE Industries and Ipack, which are actively contributing to the manufacturing landscape in the UAE.

EDB, which became operational in June 2015, is a key financial engine for the economic development and industrial advancement of the UAE.