Emirates Development Bank Continues Bridging Financing Gaps to Strengthen UAE’s Food Security Efforts

Dubai, United Arab Emirates, October 4, 2023: Emirates Development Bank ("EDB" or "the Bank"), the key financial engine of the UAE’s economic development and industrial advancement, has successfully concluded its participation in the sixth annual Future Food Forum, underscoring its commitment to bridging the financing gaps for local food producers and agriculture businesses.

EDB is actively shaping the future of food security in the UAE through innovative financing solutions and strategic partnerships, driving innovation and impact in this critical sector. The AgriTech Loans Program is a testament to the Bank's commitment to supporting sustainable agriculture and fostering a thriving AgriTech ecosystem.

His Excellency Ahmed Al Naqbi, Chief Executive Officer of Emirates Development Bank, stated: “EDB is dedicated to supporting the UAE National Food Security Strategy 2051 by promoting sustainable local food production and fostering an ecosystem that encourages AgriTech innovation. By offering customized financing solutions and fostering strategic partnerships, we empower businesses, especially SMEs, to contribute to the development of a resilient food security sector that can adapt to future challenges. This edition of the Future Food Forum is both timely and relevant, as we strive to enhance collaborative efforts and shared commitments to position the UAE as a leader in global food security.”

Abdulla Al Hamed, Senior Vice President mSMEs at Emirates Development Bank took part in a panel discussion, titled Empowering SMEs: Enhancing the Startup and Entrepreneurship Ecosystem in the UAE's F&B Manufacturing Industry. Al Hamed underscored the Bank’s dedication to empowering SMEs, stressing the importance of collaboration between financial institutions and industry leaders to drive entrepreneurship and innovation in food and agriculture.

The AgriTech Loans Program, with its AED100 million allocation, exemplifies EDB's commitment to sustainable financing and emphasizes the importance of specialized financing for agriculture. By offering long-term loans of up to AED5 million, EDB empowers farmers, local producers, and agribusinesses to adopt more sustainable practices.

Held at Le Meridian Hotel in Dubai from 2 to 3 October 2024, the Future Food Forum gathered major regional and international players in the food industry to explore sustainable solutions for the MENA region’s food sector.