Dubai’s ruler approves AED30 bln for industrial sector SMEs to bolster economy
April 6, 2021, 9:50 am

Dubai’s ruler approves AED30 bln for industrial sector SMEs to bolster economy

Prime Minister and Vice-President of the United Arab Emirates and ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum, attends the Gulf Cooperation Council's (GCC) 41st Summit in Al-Ula, Saudi Arabia January 5, 2021. (File photo: Reuters)

Sheikh Mohammed bin Rashid al-Maktoum, vice president and prime minister of the UAE, and ruler of Dubai, approved the Emirates Development Bank (EDB) strategy to provide AED 30 billion in financial support to start-ups and businesses, state news agency WAM reported on Tuesday.

EBD aims to bolster the UAE’s economy by offering support to priority industrial sectors over the next five years which will contribute to financing over 13,500 SMEs and creating around 25,000 jobs, Minister of Industry and Advanced Technology and EDB chairman Dr. Sultan al-Jaber, told WAM.

The economy-boosting strategy was launched to support ‘Operation 300bn’, a ten-year program inaugurated last month which aims to more than double the industrial sector’s contribution to the UAE’s GDP, and to eventually position the country as an industrial hub worldwide by 2031.

“Operation 300bn is a comprehensive national program aimed at enhancing the contribution of the industrial sector to the UAE’s sustainable economic growth. Through close collaboration, the Ministry of Industry and Advanced Technology and the Emirates Development Bank will extend support to large corporations, SMEs and entrepreneurs across various industries including healthcare, infrastructure, food security and technology,” said al-Jaber.

He added that the EDB would provide SMEs with “other tools including supply chain support, project financing, long-term financing, business accelerators, equity capital financing, and a business growth support fund”.

Since the EDB’s inception, the bank has supported 550 companies and allocated business loans amounting to AED 1.8 billion to SMEs.

source: Tala Michel Issa

Image source: Reuters

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”