Ajman’s Business Boom: EDB Connect Showcases Record Growth and Innovation

Abu Dhabi, UAE, 26 February 2025 – Emirates Development Bank (EDB), the key financial engine of UAE economic development and industrial advancement, hosted the seventh edition of its EDB Connect forum on 25 February 2025 in Ajman in the presence of Sheikh Abdullah Bin Ahmed Bin Humaid Al Nuaimi, Vice Chairman of Dyam Holding Group. The event convened business leaders, government officials, and industry experts to collaborate and discuss diverse strategies for driving economic growth.

Ajman has seen a major boost in business activity in 2024, with a 16% rise in economic licenses issued and the Business Confidence Index (BCI). EDB has played a key role in this growth, increasing its financing in Ajman nearly 20 times in 2024 alone. This success would not be possible without strong local partnerships, notably collaborations with Ajman’s key entities such as Ajman Chamber of Commerce and Industry, Ajman Department of Economic Development (DED), Ajman Free Zones, and Ajman Bank.

Under the theme “Innovating Growth: Ajman’s Industrial and Business Evolution,” EDB Connect Ajman provided a dynamic platform for exchanging insights and building strategic partnerships. The forum featured engaging panel discussions on Ajman’s industrial expansion, SME growth, and the role of AI and digital transformation in shaping the emirate’s industrial sector’s future. Industry experts shared valuable perspectives on how businesses can leverage new opportunities in Ajman’s evolving economic landscape.

His Excellency Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, emphasized the importance of collaboration in driving sustainable growth. He stated: “Ajman’s rapid economic progress is a testament to its thriving business environment and strong partnerships between government and private sector stakeholders. EDB Connect serves as a catalyst for these collaborations, bringing together key players to unlock new opportunities and support the UAE’s broader economic resilience.”

The forum featured in-depth panel discussions covering key topics related to Ajman’s industrial future, enhancing business productivity, and increasing competitiveness, where government and private sector leaders shared insights on industrial growth strategies and ways to support entrepreneurs, SMEs, and startups.

The event opened with keynote addresses from H.E. Ahmed Mohamed Al Naqbi, CEO of EDB; H.E. Ismail Al Naqi, Director General of the Free Zones Authority of Ajman; and Mohammed Ali Al Janahi, Acting Director General at Ajman Chamber of Commerce and Industry, setting the stage for discussions on economic expansion and industrial development. 

The first panel discussion, titled "Ajman’s Industrial Future – Enhancing Productivity and Competitiveness," was moderated by Shaker Zainal, Chief Business Officer at EDB, and featured Musbah Al Mesafri, Director of Customer Experience and Service Delivery at Ajman Free Zones Authority; Shamma Alansari, Director of Industrial Empowerment at the Ministry of Industry and Advanced Technology (MoIAT); and Mohammed Al Janahi, Acting Director General at Ajman Chamber of Commerce and Industry.

The second panel discussion, which explored the role of SMEs and startups in driving Ajman’s business growth, included Mohammed Masood Al Ketbi, Director of Government Communication Office at Ajman Department of Economic Development (DED); Ramzi Al Rimawi, Senior Manager of Business Development at Etihad Credit Insurance; Christoph Koster, CEO of Ruya Bank; and Faisal Qandeel, Head of Retail Banking at Ajman Bank. The session was moderated by Abdulla Al Hamed, SVP of Foreign Direct Investment at EDB.

Additionally, entrepreneur and robotics & AI expert, Eng. Yasmin Al Enazi, delivered a TED Talk-style session discussing the challenges and opportunities in the robotics sector, its role in enhancing industrial productivity, and the impact of AI and digital transformation on the future of business.

The EDB Connect forum in Ajman also included a special exhibition showcasing innovative projects by university and school students across EDB’s five key sectors. Participating institutions included the University of Zayed University, Sharjah University, Higher Colleges of Technology, and Dubai Police Production School, reinforcing EDB’s commitment to fostering innovation and talent development in the UAE’s industrial ecosystem.

The event concluded with an appreciation ceremony recognizing individuals and organizations that have contributed to Ajman’s growing business ecosystem.

As EDB continues to strengthen its role in financing economic diversification, the bank remains committed to supporting the UAE’s economic resilience and diversification, having financed the equivalent of more than 25 million AED a day in 2024, and reaching AED15.7 billion in financing since 2021, increasing the Bank's contribution to the UAE's industrial GDP impact to AED7.4 billion by end of 2024.

Working alongside government entities and the private sector EDB Connect creates a thriving business ecosystem and the success event in Ajman underscores the power of collaboration in driving sustainable economic growth.