Emirates Development Bank will offer priority funding to startups in the Food Tech Valley

Dubai: The Emirates Development Bank will offer preferential financing solutions to startups based in the future Food Tech Valley of the wasl Asset Management group in Dubai. These startups will specialize in food, agrotech and sustainable solutions.

In addition to direct funding, Emirates Development Bank will provide businesses in the Food Tech Valley with mentoring support, knowledge transfer and participation in roadshows. “The partnership will further reinforce the government’s vision to diversify the economy by encouraging tenants to set up their businesses in Food Tech Valley,” said Hesham Al Qassim, CEO of wasl Asset Management Group. “It also aligns with the UAE National Food Security Strategy 2051.”

It was in May last year that the UAE launched the food security program under the Food Tech Valley cloak. The end goal is to be a hub for technology-based food and agricultural products, “dramatically disrupting traditional food systems with a focus on sustainability and resource conservation.”

“The MoU supports EDB’s strategy to drive industrial development in the UAE, accelerate the adoption of cutting-edge technologies in the industrial base, and foster the growth of SMEs in five priority sectors, including food security,” said Ahmed Mohamed Al Naqbi, CEO of the Bank. .

EDB will provide direct and indirect loans – totaling MAD 30 billion – to more than 13,500 companies by 2026 as part of the UAE’s industrial development push.

What will the Food Tech Valley consist of?

The concept – which is a partnership between the UAE Ministry of Climate Change and Dubai wasl – will include production areas, warehouses, logistics and cold storage facilities, an innovation and R&D center , academy, business park, market, visitor center and residential areas. .

Bryce K. Locke