ABU DHABI, 23th March, 2022 (WAM) — In line with its commitment to support the Emirati entrepreneurial ecosystem and boost their contribution to UAE’s economic growth, the Emirates Development Bank (EDB) has received a high-level delegation from Emirati Entrepreneurs Association (EmiratiEA) to discuss closer collaboration and accelerate support for Emirati start-ups and SMEs.
The EmiratiEA delegation was led by Sanad Mohammed Al Moqbali, Chairman of the Association, and included Salah Al Kaabi, Executive Manager, Saeed Al Mansouri, Mohammed Al Hashemi, Emad Al Hashemi, Saleh Lootah, Abdullah Jankan and Walid Mohammed Sultan. EDB and the EmiratiEA officials discussed strategies to support Emirati entrepreneurs and boost angel investments in the country to act as a catalyst to develop locally born start-ups into viable global ventures.
EDB has recently announced the launch of ‘Sanad’, a post-Covid acceleration initiative. The new AED 100 million initiative aims to extend quick, easy-to-access, and flexible loans to Emirati-owned and managed businesses looking to accelerate the growth of their businesses post the COVID-19 pandemic.
The meeting reviewed the challenges faced by Emirati entrepreneurs and SMEs, including funding, and discussed opportunities where EDB could support the association members. This was a part of a series of meetings between the two entities to enable the Emirati entrepreneurs and SME ecosystem in the country.
Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, said, “The Emirates Development Bank is committed to not only support Emirati entrepreneurs and SMEs in line with the UAE leadership’s vision to diversify the country’s economy, but to aid the country’s mission in being the number one start-up ecosystem in the world. As part of this, EDB is delighted to collaborate with the EmiratiEA on supporting the startups and SMEs owned and managed by UAE Nationals and helping young businesses grow and reach their full potential, in turn enabling them to contribute to economic growth and employment opportunities.”
Al Naqbi added that the discussions stems from EDB’s proactive approach with its stakeholders to listen to their concerns and challenges, to tailor products and solutions for them to meet the objective of the bank to advance impact across the UAE’s start-up and SME ecosystem, strengthening the UAE’s position as a platform for growth in the region.
“Through these meetings, we look at discussing the challenges that Emirati SMEs and entrepreneurs face and by way of this collaboration, we aim to grow the entrepreneurial ecosystem and drive industrial growth in the country for the next 50 years,” he said.