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Emirates Development Bank to support Sharjah’s economic growth

EDB drives economic diversification and industrial growth across the emirates

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Published: Sun 22 Sep 2024, 7:45 PM

Emirates Development Bank underlined its commitment to shaping a vibrant and resilient economy in Sharjah at the seventh edition of the Sharjah Investment Forum (SIF 2024), organized by the Sharjah FDI Office (Invest in Sharjah).

As the UAE’s development bank, EDB drives economic diversification and industrial growth across the emirates. Since the launch of its strategy in April 2021, EDB has provided over Dh12 billion in total financing, including Dh954 million directly supporting Sharjah’s economy and contributing over Dh442 million to the emirate’s GDP.


Speaking at the forum, Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank highlighted Sharjah’s potential as a hub for innovation and sustainable growth. He emphasized EDB’s dedication to supporting the emirate’s journey towards a diversified, future-ready economy. “EDB is proud to partner with Invest in Sharjah to drive economic growth and investment opportunities in Sharjah. Our participation in SIF 2024 underscores our commitment to providing flexible financing solutions, nurturing entrepreneurship, and driving sustainable development. It is a further demonstration of the power of strategic partnerships in achieving shared economic goals.”

During a panel discussion on “Building Smart Economies,” Al Naqbi highlighted the banking sector’s pivotal role in fostering innovation and empowering SMEs. He highlighted EDB’s AI Wave Program as an example of the Bank’s commitment to leveraging AI and data-driven insights for more agile and tailored financing solutions.

Al Naqbi underscored EDB’s dedication to supporting businesses at the forefront of technological transformation, particularly in sectors shaping the UAE’s future economy. He highlighted the Bank’s unique approach to providing SMEs with the financial tools and resources they need to thrive in the digital age, including tailored financing solutions, streamlined banking processes, and essential non-financial support.


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