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Saudi output grows sharply leading to drop in order backlogs

DUBAI: The Emirates Development Bank is allocating 30 billion dirhams ($8.17 billion) to support companies regarded as a priority for the UAE economy, Dubai Ruler Mohammed bin Rashid Al-Maktoum announced on Monday.

The program will benefit about 13,500 companies in industrial sectors, in turn creating 25,000 jobs, according to a statement carried by WAM.

It was launched to support the UAE’s “Operation 300bn,” a 10-year strategy to expand the country’s industrial output, raising its contribution to GDP to 300 billion dirhams by 2031.

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