Emirates Development Bank (EDB) has signed a memorandum of understanding with Food Tech Valley, which is being developed by wasl Asset Management Group, to provide financing solutions to SMEs and start-ups operating within the project. The MoU will help support entrepreneurship and innovation as well as contribute to Food Tech Valley’s growing ecosystem.

The agreement was signed by HE Hesham Al Qassim, CEO of wasl Asset Management Group and Mr Ahmed Mohamed Al Naqbi, Chief Executive Officer of the Emirates Development Bank, at wasl’s headquarters, in the presence of other senior officials from both entities.

Under the MoU, the parties have agreed to support any tech-based pioneers operating, or seeking to operate, in the project with financing solutions, road shows, seminars, mentorships and knowledge transfer.

In his comments, HE Hesham Al Qassim said: “We are pleased to sign this agreement with EDB that will provide its financial expertise and support existing and potential companies with all their financial needs. The partnership will further boost the government’s vision of diversifying the economy by encouraging tenants to set up their businesses at Food Tech Valley. It also aligns with the UAE’s National Food Security Strategy 2051, and we are confident that all the partners on board will help attract local and foreign direct investments within the field to achieve the government’s mission of transforming the UAE into a global hub for tech-based food and agricultural solutions.”