Emirates Development Bank offers free consultancy to SMEs, boosting manufacturing efficiency in UAE

  • Its partner Future Factory will conduct free site visits, offering expert advice
  • The Bank’s strategy supports 5 key areas – manufacturing, advanced technology, infrastructure, healthcare and food security

Abu Dhabi: Emirates Development Bank (EDB), the main financial engine of the economic diversification and industrial transformation program of the United Arab Emirates, announces a new commitment to offer free expert advice to its industrial clients.

EDB partners with Future Factory, a leading engineer and consultant specializing in building “smart” factories, improving manufacturing processes and shaping future business strategies. Through this partnership, Future factory will provide SMEs in EDB’s portfolio with free practical advice and consulting services.

The initiative is in line with EDB’s strategy which revolves around advancing the economic development of the UAE, especially that of SMEs.

Launched in 2021, the strategy tasks the EDB with supporting and empowering the national industrial sector, facilitating the adoption of advanced technologies, enhancing the growth of SMEs and encouraging start-ups and innovation, that reflect all national development priorities and initiatives.

EDB’s strategy focuses on 5 priority sectors – manufacturing, advanced technologies, infrastructure, healthcare and food security by supporting the thousands of companies that operate there, making a long-term contribution to the national economy.

Commenting on the partnership with Future Factory to offer practical and immediate advice to SMEs and large enterprises, EDB Managing Director, Ahmed Mohamed Al Naqbi comments:

“We are partnering with Future Factory as they are aligned with our ambition to offer practical advice and insights to our clients, supporting our ambition and commitment to developing the UAE economy. Their experts will visit factories and advise on the best recommendations for automation, robotics and other engineering reprocessing methods.”

“This is a great opportunity for our clients who can avail the consultancy services for free and thereby save up to AED 18,000. Manufacturers as well as start-ups looking to set up smart manufacturing bases across the UAE benefit from a wide range of consulting services that will help them improve their value propositions.Future Factory uses its own modeling tools to assess companies and helps them develop a comprehensive roadmap and future strategy, which makes them will make them more competitive and efficient in the global market.

Future Factory CEO and Founder Douglas Hassell comments, “The Smart Factory is where the future is being built today. The impact of the 4th Industrial Revolution (which conceptualizes the rapid evolution of technology, industries, and societal patterns and processes in the 21st century due to increasing interconnectivity and intelligent automation) will lead to greater interconnectivity products, value chains and business models.

“Manufacturers need to think and plan radically enough to ensure their business can adapt to these changes and grow through periods of disruption. Preparation is the key to mitigating the change that will affect everyone. This is where Future Factory can help your business and guide you on your smart manufacturing journey.

In conclusion, EDB Managing Director Ahmed Mohamed Al Naqbi comments:

“We are confident that our new initiative will not only help SMEs grow and thrive in the UAE, but will also fulfill our ongoing commitment to the ambitious and successful economic expansion of the UAE. In short, we will strive to maximize our impact on the economy of the UAE, and this new advisory service offers immediate assistance to our ambitious young entrepreneurs.”

About the Emirates Development Bank

Emirates Development Bank [EDB], headquartered in Abu Dhabi, was established under federal law by Executive Order No. 07 of 2011 issued by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates. It became operational in June 2015. The Bank unveiled its new strategy in 2021, reinforcing its identity as one of the key drivers of the UAE’s economic recovery. EDB offers financial and non-financial support to SMEs, startups and large companies operating in priority strategic sectors in the UAE, to enhance their contribution to the country’s non-oil GDP. The Bank also provides financial support for housing to nationals of the United Arab Emirates. EDB operates two branches in Abu Dhabi and Dubai. For more details, visit www.edb.gov.ae

Christy J. Olson