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Emirates Development Bank makes it rain $8.2bMENA

Emirates Development Bank makes it rain $8.2b

The Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, approved a cushy $8.2b (AED 30b) financial support plan to be shelled out by the Emirates Development Bank (EDB). The plan is intended to support local startups and businesses across different industries, over the next 5 years — you know, in order to strengthen the UAE’s economy and all.

This will make the lender a key player in the larger effort to drive the national economy under the Sheikh’s Operation 300b initiative — you can refer to our March 23 newsletter for more on this, but a quick brief is that the plan is to boost the country’s industrial sector over the next 10 years.

why it matters
The UAE is currently well-positioned as a tourist and financial hub, but if the country wants to move away from being import-dependent, it's got to financially support its SMEs to help it get there.