The Fujairah Chamber of Commerce and Industry has signed a Memorandum of Understanding (MoU) with the Emirates Development Bank (EDB) to create new financing avenues for entrepreneurs and industrial companies in the emirate. The collaboration aims to streamline access to capital and bolster the local business ecosystem.
Quick Facts
- New partnership between Fujairah Chamber and EDB.
- Focus on financing for SMEs and industrial businesses.
- Agreement signed at the “Make it in the Emirates” exhibition.
Streamlining Access to Capital
Under the terms of the agreement, EDB will work to raise awareness and share knowledge about its business development financing solutions among entrepreneurs and SMEs. The Fujairah Chamber will take on the role of identifying and vetting qualified companies for the bank’s financing programs, effectively creating a more direct pipeline for local businesses seeking growth capital.
The MoU was formalized during the “Make it in the Emirates” exhibition. The signing was attended by Sheikh Saeed bin Suroor Al Sharqi, Chairman of the Fujairah Chamber, and Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development. Sultan Jamee Al Hindasi, Director General of the Chamber, and Shaker Fareed Abdulrahman Zainal, Head of Business Banking at EDB, officially signed the document.
Driving Economic Diversification
Sheikh Saeed bin Suroor Al Sharqi highlighted the importance of the exhibition in advancing the UAE’s industrial sector and noted that the MoU will facilitate services for entrepreneurs and project owners.
Sultan Al Hindasi added that the “Make it in the Emirates” initiative is a key strategic move reflecting the UAE’s push towards economic diversification and strengthening local industry. “Its importance lies in supporting national industry by encouraging local production and increasing reliance on national industries, which enhances self-sufficiency and reduces imports,” he stated.
Al Hindasi also pointed out that the exhibition serves as a platform to showcase the latest industrial technologies, encouraging companies to adopt innovation and advanced industrial transformation.
About Fujairah Chamber of Commerce and Industry
The Fujairah Chamber of Commerce and Industry is a government body in the Emirate of Fujairah dedicated to representing, supporting, and protecting the interests of the business community. It works to foster a favorable business environment and promote economic growth within the emirate.
About Emirates Development Bank
Emirates Development Bank (EDB) is a key financial enabler of the UAE’s economic diversification and industrial transformation agenda. The bank provides financial and non-financial support to businesses of all sizes, with a particular focus on SMEs and startups in priority sectors such as manufacturing, advanced technology, healthcare, and food security.
Source: Al Khaleej
