Fourth Edition of EDB Connect Forum Fosters Strategic Partnerships for a Competitive and Diversified Economy in Ras Al Khaimah

Ras Al Khaimah, UAE, 24 June 2024 – Emirates Development Bank ("EDB" or "the Bank") today hosted the fourth edition of its EDB Connect forum series at the Mövenpick Resort - Al Marjan Island in Ras Al Khaimah (RAK). This significant event, held in partnership with the Ministry of Industry and Advanced Technology’s “Make it in the Emirates" initiative, convened key stakeholders from both government entities and private sector companies to foster collaboration and drive the UAE's national economic growth and diversification.

Under the theme “Forging Partnerships for a Competitive and Diversified Ras Al Khaimah Economy,” the forum featured insightful panel discussions, a fireside chat, and ample networking opportunities. It provided a platform for industry leaders to discuss trends and policies shaping the future of Ras Al Khaimah’s economy.

His Excellency Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, emphasized the importance of EDB Connect as an ideal platform to discuss economic trends and foster collaborations aligning with Ras Al Khaimah's economic goals and the nation’s future growth trajectory. "We recognize Ras Al Khaimah as a critical component in the national development journey. Today's event showcased our collective efforts as partners driving significant economic impact for the emirate and the broader UAE. The consistent year-over-year increase in our financing underscores the success of our partnership-driven approach and our strategic focus on driving innovation and industrial growth to support the UAE's vision of a diversified and resilient economy," he stated.

His Excellency Dr. Abdul Rahman Al Shayeb Al Naqbi, Director General of the Department of Economic Development in Ras Al Khaimah, expressed his gratitude for participating in the EDB Connect Forum. He commended the Bank's adept coordination of meetings between local and federal entities, as well as between the private and public sectors. Dr. Al Naqbi emphasized that such forums offer a valuable opportunity to learn about the supportive programs and efforts provided by federal and local authorities to drive economic growth and achieve the UAE’s national economic diversification goals. He highlighted the importance of continuous communication and the exchange of perspectives with stakeholders from both sectors. This dialogue, he noted, is pivotal in effectively identifying and addressing key challenges facing various sectors. Such collaboration is essential in fostering business growth and bolstering efforts to diversify the local economy.

From his side, His Excellency Mohamed Ali Musabbeh Al Nuaimi, Chairman of Ras Al Khaimah Chamber of Commerce and Industry, stressed that the initiative reinforces the approach followed by the Chamber in fostering collaborations with local and international partners, especially banking entities, as they play a pivotal role in propelling the economic development and prosperity in Ras Al Khaimah. “In addition, it encourages banks to offer distinctive financing services and products to the economic sectors in the Emirate. It also enables Chamber members, entrepreneurs, and investors to explore the banking facilities and services provided by Emirates Development Bank.” H.E. added that the partnership reflects the commitment of both entities to strengthen understanding and cooperation, in turn benefiting the business community and unlocking investment opportunities for companies locally, regionally, and internationally.

MoUs Signing

During the event, EDB announced two strategic agreements, one with Ras Al Khaimah Chamber of Commerce and another with Ras Al Khaimah Economic Zone (RAKEZ), aimed at accelerating the growth of industrial businesses in the Emirate. These partnerships highlight a shared commitment to fostering a thriving industrial sector within the UAE.

Discussions

Shaker Zainal, Chief Business Officer of EDB, moderated the first panel titled “Driving Sustainable Growth: Nurturing an Attractive Business and Investment Environment in Ras Al Khaimah,” which explored strategies necessary for fostering economic development in the vibrant emirate.

The second panel, “The Role of Public-Private Partnerships in Advancing Ras Al Khaimah’s Economy and Industrial Scene,” examined the synergies between public and private sectors in driving economic and industrial growth in Ras Al Khaimah.

The forum featured industry leaders representing various sectors, including the Ministry of Industry and Advanced Technology; the Ministry of Economy; Ras Al Khaimah Chamber of Commerce; Ras Al Khaimah Economic Zone (RAKEZ); the Supreme Committee of RAK SME; Etihad Credit Insurance; ADEX; and RAK BANK.

Recognizing Partners

The event concluded with an award ceremony recognizing key stakeholders and strategic partners who have significantly contributed to Ras Al Khaimah's economic development