EDB signs agreements to boost industrial sector in Ras Al Khaimah

Fourth Edition of EDB Connect Forum fosters strategic partnerships

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Officials at a panel discussion during the EDB Connect Forum. — Supplied photo

Published: Mon 24 Jun 2024, 4:28 PM

Emirates Development Bank (EDB) has signed two strategic agreements, one with Ras Al Khaimah Chamber of Commerce and another with Ras Al Khaimah Economic Zone (RAKEZ), aimed at accelerating the growth of industrial businesses in the emirate. These partnerships highlight a shared commitment to fostering a thriving industrial sector within the UAE.

The agreements were sgined at the fourth edition of the EDB Connect forum series. This event, held in partnership with the Ministry of Industry and Advanced Technology’s “Make it in the Emirates” initiative, convened key stakeholders from both government entities and private sector companies to foster collaboration and drive the UAE’s national economic growth and diversification.

Under the theme “Forging Partnerships for a Competitive and Diversified Ras Al Khaimah Economy,” the forum featured insightful panel discussions, a fireside chat, and ample networking opportunities. It provided a platform for industry leaders to discuss trends and policies shaping the future of Ras Al Khaimah’s economy.

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 and foster collaborations aligning with Ras Al Khaimah’s economic goals and the nation’s future growth trajectory. “We recognise Ras Al Khaimah as a critical component in the national development journey. Today’s event showcased our collective efforts as partners driving significant economic impact for the emirate and the broader UAE. The consistent year-over-year increase in our financing underscores the success of our partnership-driven approach and our strategic focus on driving innovation and industrial growth to support the UAE’s vision of a diversified and resilient economy,” he stated.

Dr Abdul Rahman Al Shayeb Al Naqbi, director general of the department of economic development in Ras Al Khaimah, commended EDB’s coordination of meetings between local and federal entities, as well as between the private and public sectors. He emphasised that such forums offer a valuable opportunity to learn about the supportive programs and efforts provided by federal and local authorities to drive economic growth and achieve the UAE’s national economic diversification goals. He highlighted the importance of continuous communication and the exchange of perspectives with stakeholders from both sectors. This dialogue, he noted, is pivotal in effectively identifying and addressing key challenges facing various sectors. Such collaboration is essential in fostering business growth and bolstering efforts to diversify the local economy.

Mohamed Ali Musabbeh Al Nuaimi, chairman of Ras Al Khaimah Chamber of Commerce and Industry, stressed that the initiative reinforces the approach followed by the Chamber in fostering collaborations with local and international partners, especially banking entities, as they play a pivotal role in propelling the economic development and prosperity in Ras Al Khaimah. “In addition, it encourages banks to offer distinctive financing services and products to the economic sectors in the emirate. It also enables Chamber members, entrepreneurs, and investors to explore the banking facilities and services provided by Emirates Development Bank.” He added that the partnership reflects the commitment of both entities to strengthen understanding and cooperation, in turn benefiting the business community and unlocking investment opportunities for companies locally, regionally, and internationally.