"Emirates Development" and"Zillow" They launch a program worth 350 million dirhams to enhance liquidity for small and medium-sized companies
Abu Dhabi, 7 May / WAM / The Emirates Development Bank, in cooperation with Zillow, the private financing platform regulated by Abu Dhabi Global and affiliated with the International Holding Company, announced the launch of a financing program worth 350 million dirhams to accelerate the payment of approved invoices for a group of government agencies and government-related entities.
The launch of the program came within the framework of the Emirates Development Bank’s participation in the activities of the “Make in the Emirates” platform, which aims to support the country’s industrial growth ambitions by empowering small and medium-sized companies, supporting them in enhancing cash checks, expanding the scope of their business, and playing a greater role in national supply chains.
The program allows small and medium-sized companies to obtain up to 95% of the value of the approved invoice within 24 hours, which helps them face capital restrictions associated with government contracts.
The program’s services are available through the EDB 360 platform, the bank’s digital platform, to provide fast and seamless access to invoice financing services in cooperation with Zillow.
His Excellency Ahmed Mohammed Al Naqbi, CEO of the Emirates Development Bank, said on this occasion that enhancing cash liquidity among small and medium-sized companies is an essential element for building a flexible and competitive industrial system.
He explained that the goal of this program is to enable companies to fill working capital gaps, take on larger contracts, and integrate more effectively into national supply chains, pointing out that this step represents a practical measure towards achieving industrial growth ambitions in the UAE, and enhancing the role of small and medium enterprises as a major contributor to economic diversification.
For his part, Dhanush Arjun, CEO of the Zillow platform, said that the partnership with the Emirates Development Bank reflects Zillow’s mission of providing easy, fast and reliable access to working capital for small and medium-sized companies, which are the backbone of the industrial economy in the UAE.
He added that by integrating the platform’s efforts with the bank’s commitment to empowering these companies, this partnership sets new standards in financing supply chains in the region, and gives suppliers of government agencies and government-related entities the financial certainty necessary to expand the scope of their business in line with the country’s industrial ambitions.
The initiative integrates financing directly into procurement cycles, enhancing the flexibility of supply chains by ensuring the continuous availability of liquidity to SME suppliers.
It also contributes to reducing payment delays that may hinder the implementation of projects, and enables companies to work with a higher degree of certainty and efficiency. These efforts aim to increase the participation rate of small and medium-sized companies in strategic projects, as well as strengthening local value chains.
It is noteworthy that the initiative is in line with the “300 Billion Project”, the UAE’s industrial strategy, which aims to raise the industrial sector’s contribution to the gross domestic product from 133 billion dirhams to 300 billion dirhams by 2031, with a focus on industrial expansion, innovation and sustainable production.
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