Dubai, United Arab Emirates, October 4, 2023: Emirates Development Bank (EDB) recently concluded its participation in the sixth annual Future Food Forum, further underscoring its dedication to bridging the financing gaps for local food producers and agribusinesses.
His Excellency Ahmed Al Naqbi, CEO of Emirates Development Bank, emphasized:
“EDB is committed to supporting the UAE National Food Security Strategy 2051 by promoting sustainable local food production and fostering an AgriTech ecosystem. Through customized financing solutions and strategic partnerships, we aim to build a resilient food security sector that can adapt to future challenges.”
At the forum, Abdulla Al Hamed, Senior Vice President for SMEs at EDB, participated in a panel discussion titled “Empowering SMEs: Enhancing the Startup and Entrepreneurship Ecosystem in the UAE’s F&B Manufacturing Industry,” highlighting EDB’s support for SMEs in the food and agriculture sectors.
The Future Food Forum, held at Le Meridien Hotel in Dubai from October 2 to 3, 2024, gathered regional and international food industry leaders to explore sustainable solutions for the MENA region’s food sector. The event also served as a platform for EDB to demonstrate its role in supporting the UAE’s food security through financing and partnerships.
EDB’s Financial Growth and Key Sector Contributions
In addition to its active role in forums and industry discussions, Emirates Development Bank continues to be a financial powerhouse for the UAE’s economic growth. The bank’s total assets climbed to AED 27.6 billion in 2023, marking a 25% increase compared to AED 22.1 billion in 2022. This substantial growth highlights EDB’s ongoing influence in supporting key sectors such as manufacturing, technology, healthcare, and sustainability.
EDB’s net profit for 2023 hit AED 550 million, up 27% from AED 432 million in 2022, reflecting the bank’s increasing efficiency and ability to generate sustainable returns. The loan portfolio also expanded significantly, reaching AED 17 billion—up from AED 13.5 billion in 2022.
Sector-Specific Contributions:
- Manufacturing: 45%
- Healthcare: 25%
- Technology: 15%
- Sustainable Development: 10%
- Other Sectors: 5%
These allocations reflect the bank’s strong alignment with the UAE’s economic diversification strategy and its commitment to empowering sectors that are critical to the nation’s long-term goals.
Agritech and Food Security Initiatives
One of the standout initiatives discussed at the Future Food Forum was EDB’s Agritech Loans Program, which has allocated AED 100 million for sustainable agricultural financing. This program aims to empower local food producers and agribusinesses by providing long-term loans of up to AED 5 million to support the adoption of sustainable farming practices. By enabling access to capital, EDB ensures that businesses within the agricultural sector can thrive, driving forward the UAE’s vision of a self-reliant and sustainable food supply.
Strategic Role in the UAE’s National Food Security Strategy
EDB’s participation in the Future Food Forum and its Agritech Loans Program exemplify its broader mission of contributing to the UAE National Food Security Strategy 2051. By offering customized financing solutions and fostering key partnerships, the bank plays a vital role in enhancing the nation’s capacity to produce food locally while also boosting its AgriTech ecosystem.
Looking forward, Emirates Development Bank remains dedicated to driving innovation, collaboration, and sustainable development in the sectors that are crucial to the UAE’s long-term vision for economic growth and global competitiveness.
