EDB links up with Future Factory to offer consultancy services to SMEs

Companies looking to set up smart manufacturing bases will benefit from the free service

Ahmed Al Naqbi, chief executive of Emirates Development Bank. Photo: EDB

Emirates Development Bank is collaborating with Future Factory to offer guidance and consultancy services to small and medium enterprises within the lender's portfolio.

Through its partnership with Future Factory, which specialises in smart manufacturing solutions, EDB aims to improving the capability of the UAE’s manufacturing sector.

Dubai-based Future Factory will offer SMEs advice and consultancy services at no charge, EDB said on Wednesday.

“We are partnering with Future Factory as they are aligned with our ambition to offer hands-on advice and insight to our customers, hence, supporting our ambition and commitment to the development of the UAE economy,” said EDB chief executive Ahmed Al Naqbi.

“Their experts will visit factories and give advice on the best recommendations on automation, robotics and other methods to reprocess engineering.

“This is a great opportunity for our customers who can avail the consultancy services free of charge, thereby saving up to Dh18,000 ($4,901).”

EDB is one of the key financial engines of the UAE’s industrial transformation and economic diversification agenda, and has contributed significantly to the country’s economy.

The lender aims to maximise its impact on the UAE economy by raising its contribution to gross domestic product to more than Dh10 billion through the development of value chains focused on the industrial sector, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and chairman of EDB, said in June.

EDB has contributed to a ninefold jump in industrial capital put to use, which hit Dh1bn in the first quarter of 2022, compared with Dh108 million in 2019. It has also supported a fivefold increase in loans approved for SMEs and a ninefold surge in loans for large corporates during the same period.

In May, EDB reaffirmed its commitment to financially support the Emirates’ SMEs and start-ups by empowering them with a range of financial solutions and services to boost the bankability of the sector.

The Abu-Dhabi-based lender has been providing direct or indirect financing, including a credit guarantee programme in partnership with nine commercial banks and other digital solutions, to help SMEs gain access to finance and full banking services.

Companies, including start-ups, looking to set up smart manufacturing bases throughout the UAE will benefit from EDB’s latest initiative, Mr Al Naqbi said.

“Future Factory, uses its own modelling tools to assess companies and helps them develop a comprehensive road map and future strategy, which will make them more competitive and efficient in the worldwide marketplace,” he said.

Founded in 2011 through a merger between the Emirates Industrial Bank and Real Estate Bank, EDB’s strategy focuses on five priority sectors — manufacturing, advanced technology, infrastructure, health care and food security.

It aims to provide Dh30bn in financing over the next five years to support the UAE's efforts to more than double the size of its industrial sector by 2031.

“The smart factory is where the future is being made today. The impact of the Fourth Industrial Revolution will lead to greater interconnectivity of products, value chains and business models,” said Douglas Hassell, chief executive and founder of Future Factory.