Meeting focused on gaining deeper understanding of the financial solutions provided by EDB
As part of its strategic collaboration, Ajman Free Zone (AZF) and Emirates Development Bank (EDB) – a key financial enabler of the country’s economic diversification and industrial transformation agenda, came together to provide in-depth insights into the financing solutions offered by EDB to AFZ’s business partners. The discussion took place at AFZ’s AI Robotic Hub on February 28, 2022.
The collaboration was aligned with AFZ and EDB’s strategies to support SMEs, startups, and entrepreneurs in Ajman in specific and the country in general.
Co-hosted by EDB, the gathering saw Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, explain ways and opportunities to assist businesses with EDB's value offerings and solutions. The partnership demonstrates AFZ and EDB’s commitment to empowering SMEs, startups, and entrepreneurs in the Emirate of Ajman and around the UAE. Furthermore, the meeting was held in the presence of H.E. Eng. Ali AlSuwaidi, Director General of Ajman Free Zone, and included experts and other representatives from both AFZ and EDB.
H.E. Eng. Ali AlSuwaidi, Director General of Ajman Free Zone, said: “The initiative is intended to drive social and economic growth within the country, as well as increase the capabilities of AFZ and EDB in supporting and empowering our growing entrepreneurs, startups, and SMEs. Through our collaboration, we are providing our business partners with much-needed financial assistance and supporting the aspirations of young entrepreneurs and innovators in the country.”
Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, said: “The new partnership with Ajman Free Zone is aligned with our mandate to support the industrial sector in Ajman and the UAE. Coming within our broad strategy to empower the startups and industrial units, the EDB solutions will help bridge the funding gap for SMEs operating in key priority sectors in Ajman. This will also help support the UAE’s goals to build a robust knowledge-based economy and contribute to sustainable economic development.”
He added: “EDB and Ajman Free Zone share a vision to boost economic development, technological advancement, and long-term growth. We look forward to working closely with AFZ to create a strong ecosystem that effectively contributes to the UAE’s growth journey and economic diversification plans.”
EDB also acts as the financial enabler and driver of the UAE Government’s ‘Operation 300bn.’ The initiative is aimed at supporting the country’s industrial growth and the economic diversification plan, for which, EDB has allocated AED 30 billion to finance over 13,500 SMEs, startups, and corporates in priority sectors over the next decade.
The collaboration marks the latest addition to Ajman Free Zone's portfolio of strategic partnerships with the banking sector. Its agreement with EDB allows companies in the free zone, especially the SMEs, to have access to more banking facilities and competitive financing options that will support their expansion. Enhanced value-added services, along with stronger government-private partnerships, are crucial components of the free zone's strategy to improve competitiveness and attractiveness of the local business environment.