Commentary by Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB on the Launch of ‘The Entrepreneurial Nation 2.0’
Dubai, UAE: 13 October 2022 – On behalf of Emirates Development Bank, it is my privilege to witness the launch of ‘The Entrepreneurial Nation 2.0’ with the UAE Ministry of Economy as we collectively curate a supportive ecosystem to cultivate successful start-ups and SMEs across all of the emirates.
SMEs represent more than 94% of the total number of companies operating in the country, employing more than 86% of the private sector workforce, and contributing approximately 60% to UAE GDP in 2021. Their significance in driving the UAE’s economic competitiveness, diversification, and development agendas – past, present and future - cannot be emphasized enough.
As the development bank of the UAE, EDB is doing its part by offering patient debt and favorable financing solutions. For start-ups and SMEs specifically, EDB provides direct financing solutions and indirect financing solutions through credit guarantees in collaboration with partner commercial banks. The Bank goes one step further in its fostering of the UAE entrepreneurship ecosystem with its unique digital banking products tailored to start-ups and SMEs and its non-financial products such as mentoring programmes aimed at advancing creditworthiness and financial literacy.