Emirates Development Authority: AED 30 billion to support 13.5 thousand companies

Emirates Development Bank (EDB) participated in the annual MIA Finance Banking Technology Summit and Awards 2023. As part of its five-year strategy unveiled in April 2021, the Bank seeks to empower SMEs and large enterprises in five priority sectors: industry, technology, healthcare, renewable energy, and food security. The bank aims to provide AED 30 billion in financing to support 13,500 companies in these sectors by 2026. The event, which was held in Dubai, saw the participation of leading banking and financial sector leaders and fintech experts in the region, who discussed developments in the fields of banking digitization and explored emerging opportunities and trends in the financial sector.

The summit included a series of inspiring panel discussions, which touched on a number of pivotal topics, including the changes and trends that will be introduced by proactive technologies, which will make it easier for banks and financial institutions to keep pace with future requirements and face challenges.

Ahmed Mohammed Al Naqbi, CEO of Emirates Development Bank, said: "The bank aims to enable sustainable economic growth in the UAE, and we are keen to promote innovation and development by providing financing solutions for micro, small and medium enterprises, large companies and industrial development projects, and our participation in such events enables us to keep pace with local and global technological and economic developments that contribute to shaping the features of the banking and financial sector."

The Head of Support Operations at Emirates Development Bank, Krishna Kumar Nair, participated in the closing session of the summit entitled "Features of Banking Technology at the End of the Decade", which aimed to take a look at the future of the banking sector and the role of financial technology in it. Nair stressed the importance of embracing digital transformation to meet the evolving needs of customers and businesses, and highlighted the need for cooperation between the banking sector and fintech companies to ensure a secure and inclusive financial system.