UAE’s EDB & AD Ports unite to offer financial support to industrial units

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EDB & AD Ports officials during signing of the MoU. Emirates Development Bank (EDB), the fully-owned UAE Federal Government financial entity, has signed a Memorandum of Understanding (MoU) with Industrial Cities and Free Zone Cluster of Abu Dhabi Ports Group (AD Ports Group) to support the industrial sector in the emirate and the UAE. As part of the MoU, EDB will offer innovative financial solutions to the industry players who are part of the AD Ports Group ecosystem in KIZAD and ZonesCorp and support their growth and expansion. The financial solutions by the bank can be used to build new facilities, purchase, or lease existing facilities as well as acquire, upgrade, and maintain the units’ physical assets, among other things. Ahmed Mohamed Al NaqbiCEO – EDB “Our collaboration with AD Ports Group is part of the bank’s vision to support the country’s economic diversification plans and enable the industrial units in the KIZAD and AD Ports Group ecosystem with easy access to financial solutions. Coming within our broad strategy to empower the startup and industrial units, the EDB solutions will help bridge the funding gap for large corporates and SMEs operating in priority sectors in KIZAD. This will help support…