Emirates Development Bank and the Abu Dhabi Investment Office (Adio) signed an agreement to further boost foreign direct investment and attract more businesses to the UAE capital.
The partnership aims to help private sector companies set up shop in Abu Dhabi and grow, while contributing to the overall economic advancement of the emirate, the companies on Wednesday.
"As part of Abu Dhabi’s commitment to support the growth of the private sector, two major business enablers are partnering to help companies establish and scale up operations in the emirate," said Mohammed Al Shorafa, chairman of the Abu Dhabi Department of Economic Development.
"The partnership between Adio and EDB will catalyse long-term opportunities in Abu Dhabi and take support for investors to the next level.”
Adio, the government entity responsible for attracting investment into Abu Dhabi, provides support to innovation-led ventures in sectors such as information and communications technology, health services, biopharmaceuticals, agriculture technology and tourism.
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EDB was founded in 2011 through a merger of Emirates Industrial Bank and Real Estate bank. It aims to provide Dh30 billion ($8.16bn) in financing over the next five years to support the UAE's efforts to more than double the size of its industrial sector by 2031.
The lender will fund industries such as health care, infrastructure, food security and technology, and help to generate 25,000 jobs.
"EDB will work closely with Adio to empower and enable the industrial sector, and enhance the competitiveness of Abu Dhabi, as well as UAE-based entities," said Ahmed Al Naqbi, chief executive of EDB.
The move is "integral" to Operation 300bn, the UAE's strategic target is to double industry's contribution to national gross domestic product to Dh300bn by 2031 from Dh133bn currently, he said.
"These efforts will create new opportunities, boost collaboration, expand the value chains for UAE-based entities and contribute to the country’s economic growth and productivity surge," Mr Al Naqbi said.
"EDB can act as a catalyst for attracting foreign direct investment into Abu Dhabi through this collaboration with Adio and other ecosystem partners.”
The partnership aims to further the economic development of Abu Dhabi through the expansion of the private sector, said Monira Al-Kuttab, executive director of Adio.
"Jointly, we will provide investors with powerful resources to empower their establishment and growth in the emirate," she said.
Abu Dhabi’s economy is expected to expand by 6 per cent to 8 per cent over the next two years, Mr Al Shorafa told The National in April.
Source: The National News
