Emirates Development Bank Underscores Commitment to Sharjah's Economic Growth at SIF 2024

Dubai, United Arab Emirates, 19 September 2024 – Emirates Development Bank ("EDB" or "the Bank"), the key financial engine of economic development and industrial advancement in the UAE, underlined its commitment to shaping a vibrant and resilient economy in Sharjah at the seventh edition of the Sharjah Investment Forum (SIF 2024), organized by the Sharjah FDI Office (Invest in Sharjah).

As the UAE’s development bank, EDB drives economic diversification and industrial growth across the emirates. Since the launch of its strategy in April 2021, EDB has provided over AED 12 billion in total financing, including AED 954 million directly supporting Sharjah’s economy and contributing over AED 442 million to the emirate’s GDP.

Speaking at the forum, His Excellency Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank highlighted Sharjah's potential as a hub for innovation and sustainable growth. He emphasized EDB's dedication to supporting the emirate's journey towards a diversified, future-ready economy. "EDB is proud to partner with Invest in Sharjah to drive economic growth and investment opportunities in Sharjah. Our participation in SIF 2024 underscores our commitment to providing flexible financing solutions, nurturing entrepreneurship, and driving sustainable development. It is a further demonstration of the power of strategic partnerships in achieving shared economic goals.”

During a panel discussion on "Building Smart Economies," Al Naqbi highlighted the banking sector's pivotal role in fostering innovation and empowering SMEs. He highlighted EDB's AI Wave Program as an example of the Bank's commitment to leveraging AI and data-driven insights for more agile and tailored financing solutions.

Al Naqbi underscored EDB's dedication to supporting businesses at the forefront of technological transformation, particularly in sectors shaping the UAE's future economy. He highlighted the Bank’s unique approach to providing SMEs with the financial tools and resources they need to thrive in the digital age, including tailored financing solutions, streamlined banking processes, and essential non-financial support.

EDB's participation at SIF 2024 showcased its diverse range of financial solutions designed to mitigate risks and challenges faced by businesses, particularly SMEs. These solutions include patient debt with extended tenors, credit guarantees, co-lending facilities, working capital solutions, and trade and supply chain finance. The Bank empowers industries with tailored financing solutions and products that strengthen the UAE's manufacturing capabilities, leveraging Industry 4.0 technologies. EDB also champions the UAE's sustainability goals through specialized AgriTech loans and solar energy financing, supporting national food security and the transition to a low-carbon economy.