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Emirates Development Bank achieved impressive cumulative financing of $3.51bln by Q3

DUBAI - Emirates Development Bank (EDB) today hosted the fifth edition of its EDB Connect forum series at the iEtihad Museum in Dubai.

This significant event, held in partnership with the Ministry of Industry and Advanced Technology’s (MoIAT) “Make it in the Emirates" initiative, convened key stakeholders from both government entities and private sector companies to discuss the importance of mutual collaborations and purpose-driven partnerships that has a critical role in shaping the emirate sustainable future.

Under the theme “Beyond the Horizon: Unlocking Dubai's Sustainable Future Through Unconventional Collaborations” the forum featured three insightful panel discussions and a TED Talk-style session, which provided a key umbrella for attendees to explore the vast possibilities of Dubai that can be unlocked by harnessing the emirate’s well-developed and tech-friendly infrastructure and strengthen its position globally as one of the major manufacturing and exporting cities in the world.

This edition of EDB Connect serves as a pivotal opportunity for EDB and its stakeholders, as it continues to promote strategic collaborations and partnerships among the emirate’s prominent market leaders. It also underscores the bank’s dedication to reinforcing Dubai’s status as a global leader in impact investing and Industry 4.0.

Since announcing its strategy in April 2021, EDB has achieved an impressive cumulative financing of AED 12.9 billion, significantly contributing to the nation’s GDP. Of this, AED 4.4 billion has been specifically allocated to the development and growth of Dubai’s key sectors. This substantial investment highlights the bank's dedication to enhancing the UAE’s economic landscape and promoting sustainable growth throughout the region.

Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, emphasised the importance of EDB Connect as an ideal platform to discuss economic trends, strategic partnerships and collaboration, and governmental incentive schemes that can support local businesses and SMEs to upscale their operations and enhance their growth trajectory.

He stated “Dubai has always been recognized with its well-advanced and flexible infrastructure that fits all businesses from different natures and sizes. However, today we live in a very fast-changing environment that requires prompt and quick adoption of advanced and ready-to-utilize solutions. Consequently, it’s critically important we host such platforms that bring key industry players together under one roof to exchange ideas, recognize challenges, and brainstorm solutions.”

He added “We unite here today under a shared vision, to shape and propel the UAE's economic diversification and industrial growth. As we spearhead the nation's development efforts by optimizing its investment portfolio across critical industries, we embrace a vital responsibility of nurturing our nation's growth and ensuring its future readiness. This commitment aligns with the long-term economic vision of our leadership and supports our corporate and business objectives. Together, we are not just participants in this journey; we are the architects of a resilient and prosperous future.”

This edition of EDB Connect featured three key panel discussions, which were moderated by EDB’s senior officials. The first panel, titled “Dubai - A Global Hub for Impact Investing” explored Dubai's potential to become a global leader in impact investing by leveraging its strategic location and economic strength. The second panel, titled “Dubai - The Advanced Manufacturing Powerhouse” looked at the possibilities of transforming Dubai into a hub of advanced manufacturing solutions driven by local innovation. The third panel, titled “Artificial Intelligence: The Engine of Modern Economy” discussed the role of AI in driving businesses and enhancing their operational efficiency.

Additionally, a TED Talk-style session took place during the event titled “Scaling Up: Charting the Growth Journey of Dubai’s SMEs” where Dr. Yasar Jarrar, AI Expert at the International Advisory Group (IAG), shed light on the impact of AI in accelerating the growth of SMEs in Dubai.

The forum featured industry leaders representing various sectors, including the Ministry of Industry and Advanced Technology; the Ministry of Economy; the Ministry of Energy and Infrastructure, Jabal Ali Freezone Authority; Dubai Municipality; Dubai Industrial City; Dubai Integrated Economic Zones (DIEZ); Dubai Future Foundation (DFF); Emirates NBD (ENBD); Mashreq Bank (Mashreq); Etihad Credit Insurance; Dubai Chamber; AmCham Dubai; ACME; and International Advisory Group.

The event concluded with an award ceremony recognizing key stakeholders and strategic partners who have significantly contributed to Dubai’s economic development.