SDF Funded Total Of AED350m Towards 15 UAE Based Strategic Projects In 2 Years
Muhammad Irfan Published November 17, 2021 | 12:45 PM
DUBAI, (UrduPoint / Pakistan Point News / WAM - 17th Nov, 2021) The Strategic Development Fund (SDF) has provided a total of AED350 million in loans to 15 projects awarded to UAE national SMEs operating in various sectors during the last two years, according to the Fund’s top official.
Abdulla Naser Al Jabaari, SDF Managing Director & Chief Executive Officer (CEO), said that the funding solutions were provided through the Fund’s Venture Debt Programme, which includes supply chain and capex financing to UAE-based SMEs operating in various sectors, including the defence & security, technology, aviation and other strategic industries.
SDF, the investment arm of Tawazun Holding, launched the AED700 million Venture Debt Programme in 2019 to enable UAE based SMEs in strategic sectors by providing attractive and flexible financial solutions, tailored to meet their needs, in collaboration with leading national banks.
Al Jabaari revealed that SDF is planning to commit additional funding worth AED300 million, achieving around 90 percent utilisationof the allocated fund.
Zeyana Salah Al Hemeiri, Principal, Ventures Debt Programme, said the programme had witnessed increasing interest from SMEs, and therefore, we are currently studying the possibility of increasing the allocated fund, expanding target market segments to include new industrial sectors, and diversifying the products offerings.
Al Hemeiri indicated that the Fund is also currently considering the possibility of providing financial facilities to foreign-owned companies based in the UAE free zone, provided that their activities are within those sectors pre-defined by the Fund.
The SDF aims to enable and support UAE SMEs in strategic sectors via venture debt/financing solutions and incentives to expand in country value added activities that contribute towards economic growth.