Thursday June 23, 2022
Event showcases UAE’s unique value proposition as a manufacturing hub
The Make it in the Emirates Forum 2022 presented UAE’s industrial potential and opportunities.
Emirates Development Bank (EDB) has been heralded by UAE industry leaders for its role as the key financial engine of the nation’s economic diversification and industrial transformation agenda during the “Make it in the Emirates” Forum, which concluded on Wednesday in Abu Dhabi.
The event, organised by the Ministry of Industry and Advanced Technology (MoIAT) in collaboration with the Abu Dhabi Department of Economic Development (ADDED), was held under the theme of “Invest, Partner, Grow” and showcased the UAE’s industrial capabilities, its ambitions to nurture the industries of the future, and its unique value proposition as a manufacturing hub.
The Make it in the Emirates Forum 2022 presented a unique showcase of the UAE’s industrial potential and opportunities. It featured major national industrial companies and connected key stakeholders to discuss the sector’s growth strategies.
EDB’s booth, which was part of MoIAT’s stand at the event, also registered strong interest.
Attendees were able to learn about the bank’s range of direct and indirect financing for industrial projects, which are offered to companies or investors seeking to enter the UAE market, develop greenfield or brownfield sites, expand or diversify their business, deploy 4IR solutions, or transition to renewable or clean energy sources. The bank highlighted its patient debt approach, in which financing solutions are provided with long tenors, high loans-to-value, grace periods, and competitive rates.
On the first day, EDB Chief Executive Officer Ahmed Mohamed Al Naqbi participated in a panel discussion titled “Why Make it in the Emirates?”, which aimed to highlight the various incentives and policy enablers that are available to investors in the UAE. During the panel, Al Naqbi highlighted EDB’s key role in enhancing the ease of doing business by providing local, regional, and international investors access to the flexible financing they need to set up, scale and expand operations in the UAE.
In addressing the question of how EDB supports the UAE’s industrial sector, he said, “We give projects and companies the breathing space to be able to set up and start generating income and revenue. We don’t look at financing from the perspective of the return on our capital but from how much it will contribute to the GDP impact on the country. So we do the credit underwriting, measure every transaction and project on a GDP impact scorecard, and balance out between the two.”
He added: “Over the past year, we have really transformed the organisation, and that transformation has shifted our focus to SME and large corporate financing solutions. We have a target and objective to lend out AED30 billion by 2026; we are the cornerstone, the financial engine, of this entire ecosystem.” The panel discussion featured high-profile industry leaders.
Etihad Credit Insurance: Etihad Credit Insurance (ECI), the UAE Federal export credit company, is participating in the first “Make it in the Emirates” Forum which is currently running at ADNOC Business Centre, Abu Dhabi, highlighting how its range of flexible trade finance solutions can help UAE manufacturers to benefit from advanced digital production technologies as part of the country’s Fourth Industrial Revolution (4IR) strategy.
Under the theme ‘’Invest, Partner, Grow”, the Forum is organised by the UAE Ministry of Industry and Advanced Technology (MoIAT) in association with the Abu Dhabi Department of Economic Development (ADDED). Over 20 key stakeholders are scheduled to speak on various aspects of industrial growth strategies at the event, which has gathered more than 1,300 delegates from investment firms, financial institutions, and companies belonging to the country’s federal, public, and private sectors. ECI provides trade and project financing collaterals to enable UAE companies to engage in new product innovations in the spirit of the “Make it in the Emirates” initiative, generating more jobs and income across the country.
The repayment guarantees provided by ECI to commercial banks which can be extended up to 15 years empower them to lend to companies to acquire advanced digital production (ADP) technologies that are driving the 4IR.
ECI can also assist UAE industrialists in obtaining funding for new technologies that can increase production efficiency, resulting in sustained industrial competitiveness and expansion of the manufacturing sector. These cutting-edge technologies not only improve their efficiency but also help them reduce their carbon emissions and energy consumption in each phase of their production, which can improve environmental sustainability, an important goal of ECI in line with the UAE’s sustainability agenda.
Commenting on the significance of the forum, Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Deputy Chairman of ECI Board of Directors, said, “As the UAE strives to push forward its economic diversification agenda, we are encouraging investments in manufacturing, advanced technologies, and renewable energy.