Abu Dhabi: The Abu Dhabi Department of Economic Development (ADDED) has introduced the Business Financing Facilitation Platform to improve manufacturers’ access to financing.
ADDED launched the platform as part of its efforts to fulfil the goals of the Abu Dhabi Industrial Strategy (ADIS) and fortify industrial competition in the emirate as a hub for the Middle East.
The Industrial Development Bureau (IDB) of ADDED created the Business Financing Facilitation Platform, a recent addition to the Financial Ecosystem Programme, to act as a portal for industrial investors by providing expedited access to a wide range of financing options and goods.
The platform enhances the efficiency of the financial process, allowing investors to choose tailored services and products from a wide range of financial and banking partners with just a few clicks.
IDB has partnered with multiple public and financial and development institutions including the Abu Dhabi Securities Exchange (ADX), Abu Dhabi IPO Fund (ADIPOF), Khalifa Fund For Enterprise Development (KFED), Emirates Development Bank (EDB), and Strategic Development Fund (SDF). In addition, the Financial Ecosystem Programme’s partners include export agencies such as Etihad Credit Insurance (ECI) and Abu Dhabi Export Office (ADEX) as well as 14 leading banks.
Engineer Arafat Al Yafei, Executive Director of IDB, said that, “The Business Financing Facilitation Platform provides a unified platform enabling industrial investors to connect with multiple agencies, ensuring a seamless user experience, and enhancing their access to finance. It aligns with the broader objectives of ADDED to develop the industrial sector, which plays a vital role in Abu Dhabi’s next phase of economic diversification.”
“A key component of ADIS, the Financial Ecosystem Programme underscores the emirate’s commitment to developing the industrial sector and enhancing its competitiveness. We believe facilitating industrial companies’ access to financing, and providing support at every stage of their development, will enable them to benefit from ample, promising opportunities in our business-friendly ecosystem to grow and expand out of Abu Dhabi, the region’s most competitive industrial hub,” Mr. Al Yafei added.