UAQ FREE TRADE ZONE actively pays attention to the needs of the entrepreneurs in order to promote their growth and alleviate any difficulties they might encounter while setting up a business. To make conducting business in the UAE easier, Emirates Development Banks helps UAQ FTZ clients in availing the diverse financial solutions, including account opening services, loans, credit facilities, and other banking options.
“We are pleased to introduce Emirates Development Bank's financial solutions to our clients as we aim towards easing the banking operations for SMEs, Entrepreneurs and Large Enterprises and assisting businesses to set up their operations in the UAE. This will enable them to thrive in today’s challenging economic situation.” said Mr. Johnson M George, the General Manager of UAQ Free Trade Zone.
“Emirates Development Bank launched a new strategy to turn EDB into the key financial engine of the UAE’s economic diversification and industrial transformation agenda. EDB’s developmental role is to support and empower the implementation of the country’s industrial development strategy, facilitate the adoption of advanced technology, and empower the growth of SMEs and encourage start-ups and innovation”, said Mr. Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank.
Why Emirates Development Bank?
EDB's key focus is to support and empower the development of five key industry sectors which are: manufacturing, advanced technology, infrastructure, healthcare, and food security
EDB undertakes this developmental role through a range of financial and non-financial products that aim to enhance the bankability of companies and increase their access to the financial resources required to launch, expand or improve their business. EDB deploys a range of tools and criteria that allows us to measure the developmental impact of these financial offerings, ensuring we deliver the maximum benefit to the national economy.
EDB is executing this strategy across three main tracks, the first of which is direct financing to SMEs and large corporates sponsoring industrial projects. The bank has set a target to deploy AED30 billion of support to 13,500 companies within the five priority sectors by 2026.
The second track is indirect financing through our Credit Guarantee Program, which supports SMEs by guaranteeing loans from our partnership network of nine commercial banks. This program has mobilized more than AED332 million of capital to SMEs in the past year, with a target to deploy AED5 billion of guarantees by 2026.
The third track is non-financial solutions, including training, consultancy and market studies, which are hugely important in a rapidly evolving economic landscape. We also offer digital solutions such as EDB’s the new digital banking app, which enables SMEs and start-ups kick-start their business by providing a business bank account and an IBAN number within 48 hours and then offering a comprehensive range of fast, secure and round-the-clock banking services.
Tailored Products
EDB offers a patient debt approach with flexible pricing and tailored financing solutions. The bank does this through both direct and indirect lending, with a focus on financing projects located in the UAE that facilitate high-skill job creation, import substitution, export promotion and investment in advanced technology. The bank has a particular emphasis on expansion and investments in productive assets, such as capex financing, and enhancing the bankability of SMEs.
Greenfield And Brownfield Project Financing
Specific products that realise EDB’s goals include greenfield and brownfield project financing in new projects or capacity expansion via non- or part-recourse project financing structures. The maximum loan-to-value (LTV) is 70 percent with up to 15 years tenor and grace periods up to two years.
Capex Financing
EDB offers capex financing for expansion or the development of new business activities, which in turn will contribute to UAE’s economic development. These loans are available at 80 percent of the value of the project with a 12 years tenor and a grace period of up to 18 months.
Advanced Technology Adoption
EDB also offers advanced technology adoption financing to assist in upgrading existing machinery or acquiring more advanced and efficient machinery, especially those based on Industry 4.0 technologies. The bank can finance up to 90 percent of the project value of, with 12 years maximum tenor and a grace period of up to 18 months.
Renewable And Energy Efficiency Financing
When it comes to renewable and energy efficiency financing, we are very bullish. For investments into alternative or renewable energy, or transitioning to clean and renewable energy sources, we can offer finance up to 100 percent of the project value with a maximum tenor of 15 years maximum and a two- year grace period.
Digitilization Finance
The bank also has digitalization finance to assist a company’s digital transformation and the upgrade of IT infrastructure. EDB can finance up to 70 percent of the project value, 7 years tenor and a grace period of up to 18 months.
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