The Emirates Development Bank has made an ambitious move of 500M AED ($136M) to lead financing for startups under the national strategy of “The Emirates: Startup Capital of the World”, initiated by Vice President and Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, the strategy is to put the UAE at the top position of entrepreneurship in the world.
Improving Entrepreneurial Infrastructure
Intending to develop entrepreneurship across all seven emirates, the initiative offers:
Financing made easy: Small business owners can access funds through guarantees of credit, co-lending programs, and receivables-backed assistance through fintech partners.
Digital Onboarding Solutions: Through the bank’s digital solution, EDB 360, small business owners are able to open business accounts in minutes and apply for financing without collateral obstacles.
Mentorship and Accelerator Programs: Provision of mentorship and accelerator pathways in collaboration with national schemes such as AgriX, MIITE, and MBRIF.
A Vision for the Future
Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, emphasized the focus of the campaign on equipping entrepreneurs with the tools and support required for success.
The initiative underscores EDB’s commitment not only to financing businesses but also to proactively nurturing entrepreneurs as part of the national vision of the UAE to become the Startup Capital of the World.
The strategic move is designed to significantly promote the UAE’s startup ecosystem, stimulating innovation and economic growth within the nation.
