Emirates News Agency – Industrial sector leaders praise the role of the Emirates Development Bank during the “Make in the Emirates” forum

ABU DHABI, 23 June / WAM / The qualitative contribution of the Emirates Development Bank to the process of sustainable economic growth and its pioneering role as a major financial driver for the country’s industrial transformation and economic diversification agenda has been widely praised by various industry stakeholders during the activities of the “Make in the Emirates” forum held at the ADNOC Center. It is organized by the Ministry of Industry and Advanced Technology in collaboration with the Department of Economic Development – Abu Dhabi.

The participation of the Emirates Development Bank, within the pavilion of the Ministry of Industry and Advanced Technology, received much attention during the forum, which was held under the slogan “Investment .. Partnership .. Growth.” for industry and manufacturing.

The forum participants learned about the range of direct and indirect financing services provided by the Bank for Industrial Projects, and the solutions it offers to companies or investors wishing to start or expand their businesses in the UAE, as well as the solutions for financing. digital transformation processes, the acceptance of applications of the Fourth Industrial Revolution and accreditation of energy sources Clean or renewable .. The bank also has its development methodology in financing operations and its financial solutions with long repayment periods with a high financing ceiling compared to the value of the project, grace periods and competitive interest rates, during his participation in the forum.

The first day of the forum witnessed the participation of Ahmed Mohamed Al-Naqbi, CEO of the Emirates Development Bank, in a panel discussion entitled “Why should I work in the UAE?” It aimed to highlight the many incentives and opportunities available to investors in the country.

During the session, Al Naqbi reviewed the vital role of the bank in improving the ease of doing business by improving the banking capacity of investment projects in the UAE, and in facilitating their access to the flexible financing they need for businesses. to establish or expand in the country. .

In response to a question about the bank’s support for the industrial sector in the UAE, Al-Naqbi said: We strive to provide projects and companies with adequate support to help them start their businesses and make a profit. In stimulating and increasing the country’s GDP, then we accept criteria based on two pillars before we agree to grant funding. The first takes into account the normal commercial requirements, feasibility studies and risks, and the second is based on measuring the development impact of projects and their contribution to GDP, while ensuring the budget between the two pillars.

He added, “Over the past year, we have managed to bring about a real transformation in the bank that has led us to focus on financing solutions available to large and small and medium-sized companies. We are aiming for the Emirates Development Bank to raise 30 billion “the financing we are providing in the UAE by the year 2026, and for this reason the bank is considered a pillar.” Fundamental and financial driver of the entire industrial system.

Al-Naqbi also touched on the importance of the bank’s participation in the forum, saying: Participating in the Make in UAE Forum provided us with the opportunity to review our products and services and our willingness to work and collaborate with investors, commercial banks, free zones and other industrial enablers in order to mobilize the necessary capital to accelerate the pace of Emirati’s industrial ambitions … The bank’s strategy is within the UAE’s national agenda, to prepare for the challenges and opportunities over the next fifty years and to fill a clear gap in the market to ensure sustainable long-term growth.

The panel discussion was entitled “Why do I make in the UAE?” In addition to Al Naqbi, HE Hamid Mohammed bin Salem, Chairman of the Board of Directors of the International Chamber of Commerce, and HE Sameh Al Qubaisi, Director-General of Economic Affairs at the Department of Economic Development in Abu Dhabi; Saud Abu Al Shawareb, Director-General of Dubai Industrial City; and Captain Mohamed Juma Al Shamsi, Managing Director and CEO of Abu Dhabi Ports Group, and Rola Abu Minh, CEO of Standard Chartered Bank in the UAE.

During the event, Ahmed Al-Naqbi met with some of the bank’s key partners and discussed with them the ongoing partnerships and the achievements achieved. The bank also received the attention of many stakeholders and companies who expressed their desire to partner with the bank. bank and its role in supporting the country’s economic diversification and improving its flexibility and competitive advantages.

It is noteworthy that the Make in the UAE 2022 Forum examined the distinctive industrial capabilities and opportunities enjoyed by the UAE, and saw the participation of the most prominent national industrial companies and contributed to the strengthening of stakeholder ties and relations and the discussion. of strategies for the growth of the industrial sector.

WM / Ahmed Al-Nuaimi / Mustafa Badr Al-Din

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