Dubai: Emirates Development Bank (EDB), the financial engine of the UAE's economic diversification efforts, has launched a series of financing solutions and support initiatives for startups and mSMEs. This move is part of 'The Emirates: Startup Capital of the World' national campaign, initiated by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to enhance the UAE's status as a global hub for entrepreneurship.
According to Emirates News Agency, the comprehensive suite of programs and initiatives aims to empower Emirati youth ventures, stimulate innovation, and contribute to the diversification of the national economy. The campaign is designed to accelerate entrepreneurship across all seven emirates by providing founders with faster access to financing, digital onboarding tools, mentorship programs, and accelerator pathways.
Through EDB 360, the Bank's digital platform, entrepreneurs will be able to open business accounts in minutes, apply for financing without traditional collateral barriers, and connect with ecosystem partners who can support them in launching or scaling their businesses. Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, emphasized that the campaign is about removing bottlenecks and making processes faster, clearer, and more inclusive.
As part of the rollout, EDB will issue follow-on announcements detailing AED500 million in financing solutions available through credit guarantees, co-lending programs, and receivables-based support via fintech partners. Additional tracks of the campaign will include non-financial enablement programs for 500 entrepreneurs, as well as accelerator access in collaboration with national programs such as AgriX, MIITE, and MBRIF.
The campaign reinforces EDB's commitment to serve not only as a financier of businesses but as an active builder of entrepreneurs, aligned with the UAE's national vision to become the Startup Capital of the World.