Emirates Development Bank Highlights Comprehensive Financing Solutions for UAE's Renewable Energy Sector at 26th WETEX

Dubai, United Arab Emirates, October 5, 2024: Emirates Development Bank ("EDB" or "the Bank"), the key financial engine of UAE economic development and industrial advancement, proudly concluded its participation in the 26th annual Water, Energy, Technology, and Environment Exhibition (WETEX). The event, which was held at the Dubai World Trade Centre from October 1 to 3, 2024, highlighted EDB's extensive range of financing solutions to support the UAE’s renewables energy sector, crafted to support the UAE's ambitious goal of achieving net zero by 2050.

This year’s WETEX attracted a significant gathering of regional and international stakeholders, uniting experts to discuss the pressing challenges of climate change. Attendees were introduced to a variety of tailored financial solutions designed to facilitate their energy transformation goals. EDB's presence at WETEX 2024 underscores its commitment to enhancing the country’s energy and renewable sector, underlining the importance of this sector as one of the five priority areas EDB aims to invest in and develop to achieve national economic diversification and growth objectives.

His Excellency Ahmed Al Naqbi, Chief Executive Officer of Emirates Development Bank, said: “As the UAE's development bank and a key financial engine for national economic development, our focus on energy and renewables is vital. We are dedicated to exploring purpose-driven partnerships that align with the UAE Net Zero by 2050 Strategy. Our innovative financial solutions are designed to incentivize global businesses to maximize their investments in clean energy. Through our dedicated support for stakeholders, we aim to bolster the nation’s energy infrastructure and equip it with cutting-edge technologies that contribute to a sustainable future.”

The significance of the event was further highlighted by Mr. Neeraj Gandhi, Senior Vice President of Product Development (mSMEs) at EDB, who participated in a panel discussion titled “Financing the Energy Transition in the MENA Region: Role of Governments and Private Sector.” Joined by industry leaders, Ms. Line Bitar, Senior Manager – Project Finance and M&A at ACWA Power, Ms. Shamma Al Rabeea, Energy Markets Senior Specialist at Abu Dhabi Department of Energy, Mr. Adrian Kershaw, Chief Financial Officer at SWS Holding. The panel explored the crucial role of international and regional cooperation in financing mechanisms that support the MENA region’s energy transition, emphasizing the need for partnerships to bridge financial gaps and accelerate decarbonization efforts.

Aligned with government priorities, EDB continues to deliver on its mission of promoting a clean, sustainable, and environmentally friendly economy, with a mandate to provide AED30 billion in financing support to 13,500 companies within its five priority sectors - food security, renewables, manufacturing, technology, and healthcare - by 2026.