Dubai Industrial City, a member of Dubai Holding Asset Management, has signed a strategic agreement with Emirates Development Bank, a financial enabler of the country’s economic diversification, to provide innovative financing and banking solutions.

The agreement targets to help small and medium-sized enterprises (SME) and support the growth of necessary national industries such as advanced manufacturing and logistics.

The agreement was signed by Saud Abu Al-Shawareb, Managing Director of Dubai Industrial City and Shaker Zainal, Head of Business Finance at Emirates Development Bank, to support Dubai Industrial City’s efforts to develop the industrial sector in Dubai and the UAE.

Additionally, the agreement will align with Emirates Development Bank’s continuous efforts to enable the industrial transformation and economic diversification agenda in the UAE.

Shaker Zainal, Head of Business Finance at Emirates Development Bank, said: “Through this agreement with Dubai Industrial City, we will offer the right support to finance SMEs. We are always keen on cooperating with related entities especially in terms of financing small and medium-sized enterprises.”

Meanwhile, Saud Abu Al-Shawareb, Managing Director of Dubai Industrial City, said: “Today’s strategic partnership reaffirms our efforts to transform Dubai Industrial City into a world-class business destination for manufacturing and logistics.”