The EDB’s loans prioritise five key sectors including manufacturing, healthcare, infrastructure, food security and technology.
Beehive is the UAE’s first P2P lending platform and will facilitate business loans to creditworthy SMEs looking to expand operations or improve working capital in the country.
The deal is part of the EDB’s strategic plan to lend Emirati UAE-owned companies up to Dh30 billion over the next five years, which should boost their contribution to UAE’s non-oil GDP to over 70 per cent by 2021.
The announcement follows EDB’s strategic pledge to lend up to AED30bn to SMEs, startups and large corporates across five priority sectors including manufacturing, healthcare, infrastructure, food security and technology over the next five years. As an institutional investor, EDB has initially assigned AED 30 million funding via the Beehive platform to qualifying businesses. For its part, Beehive will facilitate business loans to creditworthy SMEs looking to expand operations or improve working capital. Emirates Development Bank , a key financial enabler of the UAE’s economic diversification and industrial transformation agenda, today announced that it has signed an agreement with Beehive, the UAE’s first Peer-to-Peer (P2P) lending platform, to expand funding options for the Small and Medium-sized Enterprises (SMEs).
This agreement will enable Beehive to provide financial and non-financial solutions to SMEs and startups in the UAE, and enable a sustainable ecosystem that supports the country’s economic diversification efforts.
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- Beehive receives Dh30 million in EDB grant to finance UAE SMEs
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