Sharjah Economic Development Department “SEDD”, in cooperation with Emirate Development Bank “EDB” organized a virtual workshop titled “Business Banking” for industrial sector investors. During the workshop, full ranges of solutions for financing SMEs were reviewed. Also, the Bank introduced the services and privileges offered to investors, in addition to the procedures followed and adopted. Likewise, they highlighted the industrial sectors that are financed and supported by them, and the role played by the bank to support the sector of SMEs and factories based on the best standards. It was done to develop and stimulate the economic growth of the SME sector, which is part of the strategic efforts of the two sides to raise the private sector’s contribution to the country’s economic development process.

During the workshop, the discussion was opened and questions and inquiries from the attendees were answered, which focused on the financing conditions, privileges and facilities provided by the bank, and repayment periods compared to other commercial banks.

Commenting on that, HE Sultan Abdullah bin Hadda Al Suwaidi, SEDD Chairman, confirmed that the Department would continue to implement the strategy of cooperation and work with its partners to provide its services in accordance with the best international practices. Also, SEDD will support the various economic sectors, especially the national industrial sector as one of the most important economic sectors, and urged customers of all categories to benefit from the services provided by SEDD in cooperation with local and federal authorities.

HE valued the efforts of the bank and its role as a key driver in developing the national economy by providing financing solutions and innovative support programs for companies in general and small and medium enterprises in particular, which are classified as one of the most important mechanisms of strategic direction to support productivity in various sectors.

Furthermore, HE added that this virtual workshop comes within SEDD and Emirates Development Bank to provide financing solutions and support programs for the business sectors. Also, the workshop aimed at ensuring that those concerned in all economic activities are informed of work developments and procedures followed to help to overcome the difficulties they may face in a way that guarantees and achieves the desired goals.

From her side, Mariam Nasir Al Suwaidi, Deputy Director of Industrial Affairs Department at SEDD, confirmed the Department’s keenness to cooperate with the Emirates Development Bank by organizing a virtual workshop for industrial sector investors. Such thing was to review the most important financing solutions and facilities provided by the bank through direct or indirect ways for SMEs, especially those operating in the industrial sector. This aimed at enabling the agenda of industrial transformation and economic diversification in UAE to build a knowledge-based economy, through key priority sectors, increasing global competitiveness and sustainable growth.

She emphasized that such workshops provide factories in Sharjah with more banking facilities and competitive financing options that support their growth and expansion. It should be noted that strengthening government and private partnerships and increasing the benefit of services are essential pillars of SEDD’s work methodology to improve the competitiveness and attractiveness of the local business environment.