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Today, the country's non-oil sector accounts for about 74 per cent of the total GDP
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Emirates Development Bank spearheads industrial financing in UAE
The EDB Connect forum was held in partnership with ‘Make it in the Emirates’ initiative
Ahmed Al Naqbi, CEO of Emirates Development Bank. — Supplied photo
Emirates Development Bank (EDB) along with other national financial institutions, contributed to providing Dh5.3 billion of financing to industrial companies last year, a senior official said in Abu Dhabi.
Small and medium enterprises (SMEs) secured 90 per cent of the financing provided by the Ministry of Industry and Advanced Technology in collaboration with its strategic partners, Osama Amir Fadhel, assistant undersecretary of the industry accelerators Sector at the ministry, said at the EDB Connect forum.
The Abu Dhabi edition of EDB Connect at the ADGM Atrium in a strategic partnership with ‘Make it in the Emirates’ initiative, convening key industry leaders, government officials, and business innovators to discuss, debate, and shape the future of Abu Dhabi’s economy. The event – now in its second edition – serves as a vital platform for discussing strategic investments, exploring innovative solutions, and fostering the growth of SMEs.
“The ministry’s efforts, in collaboration with its strategic partners and EDB, have contributed to boosting investments under the Make it in the Emirates initiative by providing industrial companies with financing, as well as incentives and enablers, empowering them to establish and grow their businesses. This helped drive the increase in the industrial sector’s contribution to GDP in 2023,” Osama Amir Fadhel added.
Ahmed Mohamed Al Naqbi, chief executive officer of EDB, said: “The discussions on strategic investments, especially in renewable energy and SME empowerment, reflect a deep understanding of the complex economic dynamics we navigate today. Discussions explored the intricate balance of economic growth, sustainability, and technological integration, offering critical insights into the future trajectory of Abu Dhabi’s economy. This forum has not only served as a platform for exchange but also as a catalyst for actionable strategies that align with our national economic goals. As we move forward, the partnerships and initiatives fostered during this event will be instrumental in shaping a resilient and dynamic economic landscape for the emirate.”
The day’s agenda explored how strategic investments and innovative financing are pivotal in Abu Dhabi’s economic transformation. As the UAE capital embarks on an ambitious journey of diversification away from oil reliance, forums like EDB Connect underline the strategic efforts to foster an innovation-driven economy, leveraging the emirate’s competitive advantages across sectors.
Emirates Development Bank’s critical role in this transformation is reflected in its initiatives to provide competitive, flexible and inclusive financing, foster large companies, enable SMEs growth, and support its 5 priority sectors. As the financial backbone of these diversification efforts, EDB’s commitment to enabling innovative projects and sustainable growth strategies was a central theme throughout the discussions.
The event began with a welcome address by Al Naqbi, who highlighted the collaboration and partnership spirit of EDB Connect to discuss and realise the vision of the UAE’s leadership, the potential of the nation’s economy and the aspirations of its people.
He said: “Abu Dhabi’s economic landscape is a remarkable narrative of resilience, diversification, and strategic foresight. We are partners in that progress, and architects of that ambition.”
He continued: “At EDB, we focus on sectors critical to our nation’s future, and through this work, we have been instrumental in shaping the economic fabric of the UAE. Through our commitment to our core value of ‘excelling through partnerships’, we have achieved remarkable milestones. Through close collaboration with our partners, we successfully approved billions of dirhams in financing, supporting thousands of businesses and making substantial contributions to the UAE’s non-oil GDP growth. We have also initiated specialised financing programs targeting those priority sectors, for example in our dedicated financing schemes for the renewables and food security sectors.”
The forum featured several panels and discussions, each addressing a critical aspect of Abu Dhabi’s economic landscape.
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