The gathering provided an opportunity for attendees to learn about various resources and support available to businesses and entrepreneurs in the industrial sector. Representatives from various industrial companies in Sharjah who are members of the Chamber, as well as officials from the Emirates Development Bank and Sharjah Chamber, attended the meeting.
Shaker Zainal, Chief mSMEs Officer at Emirates Development Bank, moderated the discussion and presented an overview of the industrial sectors that are eligible for financing by the bank. He shed light on various support mechanisms available to small and medium-sized companies, which are in accordance with the best standards, and aimed at developing and stimulating economic growth for these companies.
The meeting was held as part of the strategic efforts of both the Sharjah Chamber of Commerce and Industry and the Emirates Development Bank to enhance the contribution of the industrial sector to the UAE’s economic and industrial development.
During the gathering, the Emirates Development Bank showcased a range of financial and non-financial support solutions available to investors, including its digital banking application. This app enables SMEs and startups to quickly open a bank account and receive an IBAN within 48 hours, providing access to a comprehensive range of secure and available banking services around the clock to meet business needs. In addition, the bank has partnered with "Beehive: Peer-to-Peer Lending Platform" to offer a digital financing service that allows SMEs to apply for financing up to AED 5 million directly through the app. Applicants can expect to receive approval or rejection within five days.
The bank's product portfolio includes financing for capital expenditures, Fourth Industrial Revolution technologies, digitalisation, and clean energy. It also offers extended repayment and grace periods with a high ceiling for financing compared to the project value. The products are geared toward companies in the industrial, advanced technology, renewable energy, healthcare, and food security sectors. They provide financing for launching new facilities or expanding existing ones and are specifically designed for investors looking to enter the UAE market.
The Sharjah Chamber commended the Emirates Development Bank for its active role in fostering communication with the private sector in the emirate. The Chamber acknowledged the Bank's efforts in informing and assisting companies in overcoming challenges that may arise by providing innovative financing solutions and support programs, particularly for small and medium enterprises (SMEs). These programs are considered strategic mechanisms to bolster the country's local production.