Emirates Development Bank underlines commitment to enabling a sustainable food ecosystem in the UAE

Dubai, United Arab Emirates, 21 January 2024: Emirates Development Bank ("EDB" or "the Bank"), the key financial engine of UAE economic development and industrial advancement, has supported the inaugural Al Dhaid Agriculture Exhibition, underlining its commitment to the development of the UAE’s food production and agritech capabilities in line with the UAE’s Food Security Strategy.

Last year, EDB launched a bespoke AgriTech Loans Program providing financial support to the agritech sector with favorable, long-term loans of up to AED5 million. The Bank has been providing significant financial support to food security and agriculture projects since the launch of its new five-year strategy in 2021. The Bank identifies food security as one of the five priority sectors that it supports through innovative financing solutions in line with the UAE’s national development priorities. EDB has also allocated AED100 million recently to support local producers, farmers, agribusinesses, and food-related projects with a focus on SMEs and start-ups operating within the farming sector and its downstream industries.

Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, commented: "In line with the UAE’s strategies to enhance the advancement and sustainability of the food and agriculture ecosystem, EDB is committed to supporting national food security by financially enabling modern technology-driven agricultural practices. We offer dedicated financing packages prioritizing food security with a focus on agritech and innovations that shape the future of food in the UAE.  Developing a robust agritech sector with the support of EDB is pivotal in achieving sustainable food production to support the achievement of the objectives of the National Food Security 2051.”

EDB's financing solutions and agritech loans are in line with the UAE's strategies to create sustainable food systems and to step up commitment to climate finance, particularly in support of food security. In addition, the Bank collaborates with several home-grown and government-led initiatives that host research and innovation centers, further develop agritech and aim to increase the UAE’s food production, accelerating its journey towards food self-sufficiency.  These include for example the Ministry of Economy, the Ministry of Climate Change and Environment and Food Tech Valley in Dubai.

EDB offers a patient debt approach with an emphasis on developmental impact. The Bank’s direct and indirect financing is offered with long tenors, higher loan-to-value ratios, lower rates and interest grace periods. 

Al Dhaid Agriculture Exhibition, organized by the Expo Centre Sharjah with support from the Sharjah Chamber of Commerce and Industry and in collaboration with the Department of Agriculture and Livestock - Sharjah, took place at the Expo Al Dhaid from January 18 to 21, 2024.