Back To Back Music
Rukkumani
S P Balasubramaniam & K S Chithra
Listen To HIT967
Listen Live

EDB contributes AED 30 billion in support of 'Operation 300bn'

Monday, 5 April 2021 13:24

By ARN News Staff

Twitter/(HHShkhMohd)

Emirates Development Bank (EDB) will provide AED30 billion financial support to businesses and start-ups in a major step to drive the national economy.

That’s according to an announcement on Twitter made by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

"The Emirates Development Bank Strategy presents a giant leap that will leverage the bank’s role as a key driver of the national economy. Providing effective financial solutions will support the role of SMEs as main players in shaping our national economy," Sheikh Mohammed added.

The bank’s contribution will help 13,500 SMEs in various sectors over the coming five years and will create 25,000 jobs.

EDB’s move comes as part of a new industrial strategy named ‘Operation 300bn’ launched by the country’s leadership last month.

"The Strategy of Emirates Development Bank is an additional ambitious push for the development of the national economy, a major supporter of companies and small and medium sized enterprises," said His Highness Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Twitter.

Meanwhile, Sheikh Mohammed announced that current assets in state banks are exceeding AED 3,000 billion, which is helping push the country’s economy to new horizons.

The ruler of Dubai has also welcomed people and future investors to “make their dreams come true in the UAE”.

Share

More from Business News

  • UK's Jaguar Land Rover to halt US shipments over tariffs

    Jaguar Land Rover will pause shipments of its Britain-made cars to the United States for a month, it said on Saturday, as it considers how to mitigate the cost of President Donald Trump's 25% tariff.

  • US starts collecting Trump's new 10% tariff

    U.S. customs agents began collecting President Donald Trump's unilateral 10% tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.

  • Nasdaq set to confirm bear market as Trump tariffs trigger recession fears

    The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20 per cent from a recent record high, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.

  • Dana Gas and Crescent Petroleum exceed 500M boe in Khor Mor field

    UAE-based Dana Gas and Crescent Petroleum, alongside their partners in the Pearl Petroleum consortium, have said the cumulative production from their Khor Mor project, the largest non-associated gas field in Iraq, has exceeded 500 million barrels of oil equivalent (boe).

Blogs

Our Shows

Quick Links

Listen on the Go

  • Available on the App Store
  • Available on Google Play

© 2025 ARN and Aiir. All Rights Reserved.