The Emirates Development Bank will provide Dh30 billion ($8.17bn) in financing over the coming five years to support the UAE's efforts to more than double the size of the industrial sector in the coming decade.
The announcement was made on Monday by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
The funds will help create and back 13,500 new companies in various sectors and generate 25,000 jobs, Sheikh Mohammed said on Twitter as he unveiled the initiative.
In attendance were Deputy Prime Minister and Minister of Interior Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed and Minister of Foreign Affairs and International Co-operation Sheikh Abdullah bin Zayed.
The EDB strategy, which is aligned with the Ministry of Industry and Advanced Technology, will fund industries such as health care, infrastructure, food security and technology.
"Advancing the national economy is a top priority that requires a joint effort of all our economic entities in the coming phase,” said Sheikh Mohammed.
“We must adopt a distinctive vision that meets global trends and sustains development to maximise the industrial sector’s revenue and boost the broader economy.”
The EDB is a key driver of the national economy. Through its financial backing, it will support the role played by small and medium enterprises in shaping the UAE's national economy, said Sheikh Mohammed.
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, said on Twitter that the EDB strategy was "an additional ambitious engine for the development of the national economy" and a major supporter of companies and SMEs.
"We are keen to support exceptional initiatives and creative ideas that adopt industry and advanced technology that meets our future development priorities," he said.
Last month, the UAE's leadership announced a new industrial strategy named Operation 300bn that aims to more than double the industrial sector's contribution to the country’s economy.
Overall, Operation 300bn will boost the industrial sector's contribution to Dh300 billion by 2031, from Dh133bn currently.
The initiative is being led by the Ministry of Industry and Advanced Technology.
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and chairman of EDB, presented the bank’s strategy pillars and objectives on Monday, which are in line with the goals of Industrial Strategy 2021-2031.
"Through close collaboration, the Ministry of Industry and Advanced Technology and the Emirates Development Bank will extend support to large corporations, SMEs and entrepreneurs across various industries including health care, infrastructure, food security and technology,” he said.
The EDB will act as "a critical financial engine" in tandem with its continued mandate to provide Emiratis with housing finance, said Dr Al Jaber.
The Ministry of Industry and Advanced Technology has conducted workshops, met and held discussions with 200 stakeholders in the federal, local and private sectors to help to create its new strategy to boost manufacturing, he added.
The EDB strategy will help to hasten industrial development and the adoption of advanced technology while its funds will support entrepreneurs, start-ups and SMEs, he said.
The lender will seek to spur “innovation, with a focus on the industries our leadership have identified as critical to the nation’s long-term sustainable growth,” he said.
It will also provide supply chain support, project finance, long-term finance, business accelerators, equity capital finance and a business growth support fund.
The EDB will establish partnerships with UAE lenders to extend financial services to small and medium industrial companies and increase its direct financing by 73 per cent in 2021.
It will support priority sectors while also offering extensive financial solutions to underserved sectors.
Entrepreneurs of all nationalities in the UAE and SMEs owned by both citizens and residents can apply for finance, which will take the form of direct and indirect lending, as well as equity finance for start-ups.
The bank will launch a Dh1bn investment fund for start-ups and SMEs in 2022 and focus on industrial companies in critical sectors that need funds and investment.
The EDB has supported 550 companies and provided Dh1.8bn in business loans to SMEs since its inception. It has also provided housing loans worth Dh2.4bn.
As part of the overarching industrial strategy, a Make it in the Emirates campaign will showcase the benefits of being a manufacturer in the country, as well as build a reputation for quality.
Operation 300bn and Make it in the Emirates will boost job creation, stimulate research and development, boost competitiveness and increase self-sufficiency, which will enhance the resilience of the UAE's economy.
The industrial sector's R&D spending will increase to Dh57bn by 2031, more than doubling from Dh21bn. That will increase its contribution to gross domestic product to 2 per cent from 1.3 per cent.
“This announcement is a continuation of the UAE's vision to increase manufacturing’s economic contribution," said Saud Abu Al-Shawareb, Managing Director of Dubai Industrial City.
"As a global industrial hub, we are proud to have contributed to this growth and look forward to seeing this new strategy turbocharge an advanced manufacturing sector that leverages solar power, artificial intelligence, robotics and 3D printing to enhance the UAE’s knowledge and innovation-based economy.”
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
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Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
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Rating: 1/5
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Company profile
Company name: Nestrom
Started: 2017
Co-founders: Yousef Wadi, Kanaan Manasrah and Shadi Shalabi
Based: Jordan
Sector: Technology
Initial investment: Close to $100,000
Investors: Propeller, 500 Startups, Wamda Capital, Agrimatico, Techstars and some angel investors
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- Travel distance: Long-range, up to thousands of kilometres
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
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Starring: Lana Condor and Noah Centineo
Two stars
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
