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The Emirates Development Bank (EDB), the financial engine of the UAE’s economic development and industrial progress, has announced the approval of a comprehensive series of financing transactions totaling AED424 million (US$115 million). The announcement was made at the ‘Make it in the Emirates’ forum held at the Abu Dhabi Energy Centre.
The financing targets different industries, including the establishment of a new steel complex in Kezad, Abu Dhabi for the manufacture of rolled steel, a plant to produce recycled kraft paper aimed at meeting the UAE’s demand for sustainable paper packaging converters, and a world-class Herbal Medicines and Supplements Manufacturing Facility in Dubai.
Financing deals were also approved for the establishment of a plant in Fujairah to produce sustainable marine fuel and the expansion of an aluminum extrusion plant to support the electric vehicles, heating, ventilation and air conditioning industries.
economic diversification
The financing aims to drive economic diversification, further enhance the UAE’s position as a global manufacturing hub and drive the adoption of advanced technologies in line with sustainable growth.
Through the financing, EDB will support the expansion of Himalaya Wellness, a large multinational company, Dana Group’s fifth factory in the UAE, and empower four SMEs, Star Paper Mill, Bluetec, OSE Industries and Ipack. Actively contribute to the UAE’s vibrant manufacturing industry.
The facility approved by EDB for Dana Group will facilitate the establishment of a new steel complex by its division Dana Steel in Kezad – Abu Dhabi to start manufacturing raw materials for the company’s existing metal coating complex at Dana Steel Industry in Dubai Industrial City . The new plant will have a rolling capacity of 500,000 tonnes, supplying products such as cold rolled full hard coil. This will increase Dana Group’s manufacturing capacity in the region and replace some of the imported raw materials it uses with new “Made in UAE” to supply factories in the GCC region.
Regional head
Ahmed Mohamed Al Naqbi, Chief Executive Officer of the UAE Development Bank, said: “The UAE has leveraged its resources to strengthen the country’s industrial capabilities and become a regional leader in manufacturing. We aim to increase the contribution of the industrial sector to GDP to 300 billion by 2031 Above AED, Make it in the Emirates Forum is a timely and relevant showcase of our progress in boosting national production in line with national industrial targets.”
The financing is part of the bank’s mandate to provide AED30 billion in financing support to UAE companies by 2026 across five focus areas: renewable energy, manufacturing, technology, healthcare and food security.
Al Naqbi added: “As part of our mandate to support the economic growth of the UAE, we are proud to announce today the approval of a substantial amount of project financing which will play a key role in supporting the expansion plans of leading UAE companies. UAE. These companies have all demonstrated commitment to The UAE’s commitment to manufacturing and expanding – in doing so will support the development of a sustainable national industry and drive significant socio-economic impact.”
himalaya health
Financing has been approved for Himalaya Wellness, a multinational company specializing in the manufacture of herbal personal care, baby care, pharmaceutical and dietary supplement products. EDB’s support for Himalaya Wellness will help the brand establish a state-of-the-art herbal and supplement manufacturing facility in Dubai Industrial City (DIC), Himalaya’s first facility outside India. Himalaya Group has a long history of success in India for over 90 years and has been operating in the UAE for over 20 years. The proposed factory will support local manufacturing, enable import substitution and support job creation in the UAE.
The financing approved by EDB will also support the growth strategies of Star Paper Mill, Bluetec, OSE Industries and Ipack, covering a range of industries and demonstrating EDB’s commitment to supporting various industries.
Star Paper Mill Industry is a ‘greenfield’ project focused on the manufacture of recycled kraft paper from locally produced and imported waste paper. The project aims to meet the demand for sustainable paper packaging converters in the UAE.
oil recovery
With an innovative oil recovery plant located in Fujairah Free Zone, Bluetec aims to produce bunker fuel from various waste oils, contributing to environmental sustainability while positively impacting the market.
OSE Industries, which specializes in aluminum extrusions and produces specialty products including extruded microchannel tubes, has provided financing from EDB to support an expansion project aimed at increasing capacity by 50% to 12,000 metric tons per annum.
As the UAE’s first private producer of aseptic packaging materials, Ipack provides packaging solutions for products such as milk, juice, cheese and tomato paste. With the high demand for aseptic packaging in the regional market, the company utilizes the latest printing technology and high-tech machinery. EDB’s financing further strengthens their capabilities by supporting their expansion projects and working capital needs.
EDB’s latest batch of financing transactions demonstrates the bank’s commitment to empowering SMEs and large corporations, playing a vital role in building a diversified, resilient and sustainable economy in the UAE. — trade arab news agency
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