Emirates Development Bank partners with UAE Ministry of Economy in support of food security

Abu Dhabi, United Arab Emirates, 13 April 2023: Emirates Development Bank (EDB), a key financial engine for the economic development and industrial advancement in the United Arab Emirates (UAE), has partnered with the UAE Ministry of Economy’s Entrepreneurial Nation to support the Smart Farming Global Innovation Challenge, in line with the Bank’s commitment to the UAE’s sustainable economic development and food security – one of EDB’s five priority sectors that play a vital role in strengthening the economic resilience and competitiveness of the country.

The Smart Farming Global Innovation Challenge seeks to optimize the digitalization of agriculture and is open to organizations both in the UAE and globally. Companies seeking to participate in the challenge will need to employ no fewer than three members of staff and no greater than thirty, and are required to specialize in agritech, with a proven track record of having developed an existing prototype or a minimum viable product. The winning proposal for the challenge will receive a contract to build and deliver the solution, as well as support for its trial in the UAE.

Commenting on the collaboration, Ahmed Mohamed Al Naqbi, Chief Executive Officer at Emirates Development Bank, said, “Our partnership with the Ministry of Economy, supporting the Smart Farming Global Innovation Challenge, is timely and relevant as the UAE continues to ramp up its efforts to reduce risks linked to food security. Our role at EDB is to support these initiatives and provide increased financial support to boost local agricultural production. This includes providing tailored financing programs to drive investment in agriculture technology, notably supporting SMEs and technical partners to promote industrialized and tech-driven farming.”

With a mission to foster a healthy, sustainable, and self-reliant economy, EDB provides favorable financing solutions to SMEs and corporates domiciled in the UAE which are engaged in sectors of strategic priority to the nation, including food security.

Beyond financing, the Bank also offers entrepreneurs and SMEs a particular selection of digital banking products and education programmes tailored to business start-up requirements. Through collaborations with strategic partners, EDB enables companies and projects with developmental impact to address opportunities and challenges in UAE’s food security targets.