
Emirates Development Bank and Abu Dhabi Global Market to partner on supportive initiatives for business establishment and expansion
Abu Dhabi, United
Arab Emirates, January 08, 2022: Emirates
Development Bank (EDB), a key financial engine for the economic development and
industrial advancement of the nation, and Abu Dhabi Global Market (ADGM), an
international financial center (IFC) located in Abu Dhabi have announced the
signing of a Memorandum of Understanding (MoU), to identify collaborative
opportunities that will further support companies looking to set up operations
in ADGM.
Emirates Development
Bank will be supporting ADGM-licensed entities including SMEs, and Corporates by
providing preferential banking services which include fast and efficient opening
of banks through EDB’s digital solutions. Both parties will collaborate to
enhance the ADGM client onboarding experience and simplify the bank account
opening process for ADGM’s clients. The Bank will also explore financing
requirements for ADGM entities and large multinational corporations, on the
basis of due diligence and feasibility studies performed.
Furthermore, the two
entities will explore education and engagement opportunities. This will be done
through several digital labs especially- designated for Fintech-related events
and workshops, to further improve knowledge and exchange between both entities
and companies looking to establish a presence in ADGM.
EDB and ADGM will also
look to develop a strategic framework to create an ecosystem and further support
Fintech companies. This will be done through several digital labs tailored
towards Fintech related events and workshops that will lead to initiatives
built out in the future. In addition to this, EDB will work with ADGM to
support its startups in establishing themselves on EDB’s digital platform which
offers digital solutions to both SMEs and Corporates.
SMEs, startups, and
Fintech companies play an important and prominent role in contributing to the
economic growth and diversification of the UAE. With EDB as the UAE’s
development bank and ADGM an attractive hub in the capital of the UAE, both
entities are in strong positions to offer best-in-class services that will
support the establishment and expansion of businesses within the financial
center.
Ahmed Mohamed Al
Naqbi, Chief Executive Officer at Emirates Development Bank said: “EDB continuously works with key stakeholders to
identify opportunities that will further support the growth of SMEs and
startups in the region and enhance their bankability. As a well-established
financial center, ADGM is home to companies of all sizes in the region, attracting
both foreign and local investors. We are delighted to have formed this dynamic
partnership with ADGM and look forward to providing financing solutions, our
tailored digital banking platform, and our mentoring and educational services
to support the sustainable development of businesses of strategic importance to
the UAE within ADGM.”
Most recently, EDB
introduced its latest a digital lending feature offered in partnership with
peer-to-peer (P2P) lending platform Beehive that allows SMEs to apply for loans
of up to AED5 million (directly through its Business Banking app and receive
approval or feedback within five days. The lending service is available for
UAE-based SMEs operating in EDB’s five priority sectors – manufacturing,
healthcare, food security, advanced technology, and infrastructure – and is
available for various tenors of up to 60 months.