Emirates Development Bank (EDB) has reached a significant milestone, achieving cumulative financing of $3.51 billion by the third quarter. The bank celebrated this achievement at the fifth EDB Connect forum held at Dubai’s iEtihad Museum. The event highlighted the importance of strategic partnerships in driving Dubai’s sustainable future.
Key Highlights from EDB Connect Forum
The forum, held in collaboration with the Ministry of Industry and Advanced Technology’s “Make it in the Emirates” initiative, brought together government officials and private sector leaders. Discussions centered around fostering collaborations that are crucial for Dubai’s growth and sustainability.
- Theme: “Beyond the Horizon: Unlocking Dubai’s Sustainable Future Through Unconventional Collaborations”
- Sessions: Three panel discussions and a TED Talk-style presentation
- Focus Areas: Impact investing, advanced manufacturing, and artificial intelligence
These sessions provided a platform for exploring how Dubai’s tech-friendly infrastructure can enhance its global standing as a major manufacturing and exporting hub.
EDB’s Strategic Investments Drive Economic Growth
Since April 2021, EDB has strategically financed projects totaling AED 12.9 billion, with AED 4.4 billion dedicated to Dubai’s key sectors. This investment plays a pivotal role in boosting the UAE’s GDP and fostering sustainable economic development.
| Sector | Investment (AED Billion) |
|---|---|
| Advanced Manufacturing | 1.5 |
| Artificial Intelligence | 1.2 |
| Impact Investing | 1.7 |
| SMEs Development | 0.9 |
These allocations demonstrate EDB’s commitment to diversifying the economy and supporting local businesses in scaling their operations.
Ahmed Mohamed Al Naqbi, EDB’s CEO, emphasized the forum’s role in discussing economic trends and governmental incentives that aid businesses and SMEs in their growth journeys. He highlighted the necessity of such platforms in today’s fast-paced environment, where quick adoption of advanced solutions is essential.
Panel Discussions Illuminate Dubai’s Future
The first panel, “Dubai – A Global Hub for Impact Investing,” explored how Dubai can leverage its strategic location and economic strength to lead in impact investing. The second panel, “Dubai – The Advanced Manufacturing Powerhouse,” delved into transforming Dubai into a center for advanced manufacturing through local innovation. The final panel, “Artificial Intelligence: The Engine of Modern Economy,” discussed AI’s role in enhancing business operations and efficiency.
During the TED Talk-style session titled “Scaling Up: Charting the Growth Journey of Dubai’s SMEs,” Dr. Yasar Jarrar, an AI expert, shared insights on how AI is accelerating SME growth in Dubai. His talk underscored the transformative power of technology in driving economic progress.
Recognizing Excellence in Economic Development
The event concluded with an award ceremony honoring key stakeholders and strategic partners who have significantly contributed to Dubai’s economic development. Representatives from various sectors, including the Ministry of Economy, Dubai Future Foundation, and major banks, attended the ceremony, celebrating their collective efforts in shaping Dubai’s prosperous future.
