Emirates Development Bank Launches AGRIX Accelerator to Boost UAE's Food Security Sector

Abu Dhabi, United Arab Emirates, 5 September 2024 – Emirates Development Bank ("EDB" or "the Bank"), announced the launch of the AGRIX Accelerator. This flagship program aims to transform the UAE’s agricultural sector by equipping farmers, agribusinesses, and technology providers with specialized financial solutions and cutting-edge agri-tech tools, supporting the UAE's National Food Security Strategy 2051.

Over a 20-week period, the AGRIX Accelerator will provide participants with access to advanced agricultural technologies, strategic business insights, and sustainable farming practices. Through a mix of expert-led workshops, hands-on training, and personalized mentorship, participants will develop essential skills to drive innovation and growth in the sector. The program also emphasizes empowering smallholder farmers to adapt to environmental changes, improve agricultural efficiency, and build a collaborative community focused on sustainable agriculture.

H.E. Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, said: “Food security is a critical pillar of the UAE’s long-term vision for sustainable growth and resilience. As the nation’s development bank, we are dedicated to transforming the UAE into a regional hub for sustainable local food production, aligned with the National Food Security Strategy 2051.

"By offering specialized programs and fostering innovation, we aim to enable the adoption of advanced technologies that will drive the sector’s evolution, ensuring the UAE's position as a leader on the Global Food Security Index. The AGRIX Accelerator is central to our mission of supporting food security as one of our five priority sectors. Through tailored financing solutions and partnerships with industry advisors, we are accelerating the UAE’s journey toward becoming a global leader in agricultural innovation.”

EDB also offers specialized, tailored financing solutions such as the UAE’s first-of-its-kind AgriTech Loans Program, which supports local producers, agribusinesses, and technology providers with flexible financing options. These solutions underscore EDB's dedication to fostering a resilient and sustainable agricultural ecosystem in the UAE by enhancing access to capital and promoting innovation.

This initiative aligns with EDB's broader mandate to provide AED 30 billion in financing to priority sectors by 2026, promoting economic diversification and sustainable growth. By focusing on technology adoption and capacity building, the AGRIX Accelerator strengthens the UAE's capacity for food self-sufficiency, reduces import dependency, and solidifies its position as a global leader in agricultural innovation.