Emirates News Agency – Emirates Development signs memorandum of understanding with Food Technology Valley to provide financial solutions for companies

DUBAI, April 25 / WAM / The Emirates Development Bank has signed a Memorandum of Understanding with Food Technology Valley, the integrated district developed by wasl Asset Management Group.

The memorandum aims to provide financing solutions to small and medium-sized companies and start-ups working within the project, and will contribute to the support of entrepreneurship and innovation, and to improve the growing ecosystem of the Food Technology Valley.

The Food Technology Valley is an initiative based on food, innovation, knowledge, technology and sustainability, and aims to attract technology-based companies in the agricultural and food production sectors to serve as a center for clean food and agricultural products. technology in the future. This vision ultimately leads to a fundamental change in traditional food systems, through its focus on sustainability and resource conservation.

The memorandum was signed by Hisham Al Qassim, CEO of wasl Asset Management Group, and Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, at wasl headquarters, in the presence of a number of senior officials from both parties.

According to the memorandum, the two parties agreed to support technology pioneers who work or want to work in the Food Technology Valley project, by providing funding solutions, organizing introductory events, in addition to holding seminars, training, supervision, consulting, and transfer knowledge and expertise.

His Excellency Hisham Al Qassim said: “We are pleased to sign this memorandum with the Emirates Development Bank, which will provide its financial expertise to support existing and potential companies, and cater to their different financial needs. This type of partnership strengthens the government’s vision to diversify the economy by encouraging tenants to establish their businesses in Technology Valley. As this is in line with the National Food Security Strategy 2051, we are confident that all our partners affiliated with the project will help to attract local and foreign direct investment in this field, to achieve the government’s vision to transform the UAE into a global center for technology-based food and agriculture solutions. ” .

In turn, Ahmed Mohammed Al Naqbi said on this occasion: “The new memorandum comes within the framework of our efforts aimed at supporting economic diversification and sustainable growth in the UAE, and at its position as an important and supportive center for business in key sectors, and is in line with National Food Security Strategy 2051 based on flexible agricultural practices, leading to increased productivity.

Al Naqbi added: “The memorandum also contributes to the support of the Emirates Development Bank’s strategy to promote industrial development in the UAE and accelerate the adoption of advanced technologies in the industrial sector, which in turn the growth of small and medium-sized enable companies in five key sectors, including food security, collaborate to support this groundbreaking project in Dubai, which is a platform for testing innovative solutions in the agricultural and food production sectors. Through this MoU, we aim to provide value-added financing solutions support new businesses, small and medium-sized enterprises, as well as international companies, and we look forward to building new partnerships with them in this sector.

The Emirates Development Bank plays a key role in enabling the economic diversification and industrial transformation agenda of the UAE. In March 2021, the Bank launched its new strategy to support industrial development in the country, accelerate the adoption of advanced technologies in the industrial sector, promote sustainable growth by supporting small and medium-sized enterprises, and the development of companies operating in five is, to promote. essential sectors: manufacturing, advanced technology, infrastructure and healthcare. , and food security. To achieve these goals, the bank will facilitate direct and indirect financing procedures, through a 30 billion dirham financing portfolio, to support more than 13,500 new companies by 2026.

The Food Technology Valley was founded by an initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, “may God protect him”. The project revolves around food, innovation, knowledge, technology and sustainability. It also focuses on supporting and attracting new agricultural technologies, and linking knowledge. Globally and locally in this field, with the establishment of a collaborative network to lead the regional transformation, and the transfer of knowledge to achieve a sustainable food system. . The Food Technology Valley will in future serve as a catalyst to transform the UAE in general, and Dubai in particular, into a center for clean technology-based food and agricultural products.

WAM / Ahmed Al Nuaimi / Dina Omar

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