Emirates Development Bank offers financing solutions to Food Technology Valley companies

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The Emirates Development Bank, one of the financial enablers of economic diversification and industrial transformation in the UAE, has signed a Memorandum of Understanding with Food Technology Valley, the integrated zone 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. The memorandum will also contribute to supporting entrepreneurship and innovation, and strengthening the growing ecosystem of the Food Technology Valley.

The Food Technology Valley region 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 food and agricultural products which uses clean 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 agreement was signed by Hisham Al Qassem, 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.

Hisham Al Qassim said: “We are delighted to sign this agreement with the Emirates Development Bank, which will provide its financial expertise to support existing and potential companies and meet 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 the Food Technology Valley. As it is in line with the National Food Security Strategy 2051, we are confident that all our partners affiliated with the project will help attract local and foreign direct investment in this field, to achieve the government’s vision around the UAE to transform into a global center. for technology-based food and agricultural solutions. ”

Commenting on the agreement, Ahmed Mohammed Al Naqbi said: “The new memorandum comes within the framework of our efforts to support economic diversification and sustainable growth in the United Arab Emirates, and to establish its position as an important and supportive center for business. strengthening in the United Arab Emirates.It is also in line with National Food Security Strategy 2051 by adopting 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 companies in five key sectors, including food security We are pleased to work together to support this pioneering project in Dubai, which is a platform to test innovative solutions in the agricultural and food production sectors. Through this agreement, we aim to add value provide financing solutions to support start-ups, small and medium-sized companies, as well as international companies, and we look forward to building new partnerships with them in this important sector. ”

The Emirates Development Bank plays a major role in enabling the UAE’s economic diversification and industrial transformation agenda. 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, namely 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 focuses on food, innovation, knowledge, technology and sustainability. It also focuses on supporting and attracting new agricultural technologies, and linking global and local knowledge in this field, with the establishment of a collaborative network to drive regional transformation. leading, and exporting knowledge to achieve a sustainable food system. The Food Technology Valley will in future be a catalyst to transform the Emirates in general and Dubai in particular into a center for food and agricultural products based on clean technology.

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