Emirates Development Bank highlights growth-focused financing solutions at MEA Finance Banking Technology Summit 2022
CEO Ahmed Mohamed Al Naqbi outlines EDB’s strategy to empower the development of UAE’s priority industries
Abu Dhabi, UAE, 30 May 2022: Emirates Development Bank (EDB), the key financial engine of the UAE’s economic diversification and industrial transformation agenda, has participated in the MEA Finance Banking Technology Summit 2022 to discuss how EDB is adapting to the emergence of new technologies in the banking and finance landscape, and how its unique financing solutions are also accelerating the adoption of advanced technology in the UAE’s industrial sector.
Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, joined regional banking and technology leaders in a panel discussion entitled “Competitors, Vendors and Partners: The Blurring Line”.
During the session, he explained how EDB is developing growth-focused, future-proof financial strategies, offering flexible and tailored financing solutions, harnessing fintech products, and utilizing new tools such as the proprietary Development Impact Scorecard to evaluate projects based on their developmental impact on the national economy.
Ahmed Al Naqbi said: “Under our new strategy, EDB is fulfilling a unique and important role in the national development agenda by providing a range of flexible and tailored financial solutions to large corporates and SMEs, operating in the five priority sectors.”
Al Naqbi added, “This requires a collaborative approach, we have been able to work with partners to quickly and efficiently mobilize capital to eligible companies. EDB has forged partnerships with public and private sector entities across the UAE to swiftly identify and facilitate financial support for projects based on their developmental impact score and the standard risk and profit evaluation that commercial banks do. Lastly, EDB worked with fintech partner YAP to develop a digital banking solution that is now helping startups and SMEs kickstart their business by offering instant access to a comprehensive, fast, secure, and round-the-clock suite of banking services – including a fully operational business bank account within 48 hours and access to financing solutions.”
Al Naqbi highlighted EDB’s role in supporting the adoption of advanced technologies across the UAE’s industrial sector in order to improve operational efficiency, sustainability, productivity and product quality – all key economic priorities.
“EDB offers financing to encourage the investment in 4IR technologies, with loan facilities of up to 90 percent of the project value, with a 12-year maximum tenor and grace period of up to 18 months. In addition, one of the criteria our Developmental Impact Scorecard uses to evaluate a company’s eligibility for financing is the adoption of advanced technology, underlining our commitment to maximizing economic impact for the UAE.”
In April 2021, EDB launched a new strategy to become the key financial engine of the UAE government’s industrial and economic diversification agenda, with a revised mandate to empower SMEs and large corporates in the priority sectors of manufacturing, technology, healthcare, infrastructure and food security, as well as facilitate the adoption of advanced technology and promote innovation. The bank has set a target to deploy AED30 billion of financing support to 13,500 companies within the five priority sectors by 2026.