CEO Ahmed Mohamed Al Naqbi – The vision of the partnership closely matches the strategic objectives of Emirates Development Bank and its role as the key financial engine of this economic diversification and industrial transformation agenda.
Abu Dhabi, UAE - 30, May 2022 – Emirates Development Bank (EDB), the key financial engine of the UAE's economic diversification and industrial transformation agenda, has announced its support for the Integrated Industrial Partnership for Sustainable Economic Growth, the three-nation initiative between the UAE, Joran and Egypt launched to unlock new industrial opportunities and enhance sustainable economic growth.
EDB will become a key strategic partner to the tripartite initiative, offering its range flexible direct and indirect financing solutions to UAE-based companies seeking to unlock the opportunities of this new partnership. This includes capex financing for expansion or facility upgrades, greenfield and brownfield project financing, and financial support for the integration of Industry 4.0 technologies, digitization of operations and investments into alternative, renewable or clean energy sources – all of which align with the sustainable goals of the Integrated Industrial Partnership.
Ahmed Mohamed Al Naqbi, CEO of EDB, said: “The Integrated Industrial Partnership for Sustainable Economic Development between the UAE, the Hashemite Kingdom of Jordan and the Arab Republic of Egypt is a significant step inspired by the Principles of the 50, which highlights the need to develop long-term relations based on mutual interest with strategic allies around the world.
“This new partnership also reflects the directives of the UAE's wise leadership to transform the national industrial sector into a long-term, sustainable engine of growth, which it will achieve by fostering new sectors that respond to the needs of the future, enhancing operational efficiencies through advanced technology and improving productivity, product quality and global competitiveness.”
Al Naqbi added that the partnership provides an ideal platform for national and regional industrial growth opportunities, which the bank's new strategy, launched in April 2021, was designed to support.
“The partnership closely matches the strategic objectives of Emirates Development Bank and its role as the key financial engine of this economic diversification and industrial transformation agenda. As part of our strategy to support priority sectors in the country and projects with a developmental impact on the national economy, the bank will continue to support the national projects that support the objectives of this partnership, achieve sustainable economic impact, increase market flexibility, and enhance industrial, food, health and technical security for the country and the region, thus contributing to strengthening and diversifying local industries, reducing production costs and increasing the flexibility of supply chains, which will therefore have a significant impact on the growth of the country's economy.”
Integrated Industrial Partnership for Sustainable Economic Growth is based on enhancing investment opportunities in the industrial sector in The UAE, Jordan and Egypt, developing their human and natural capital, and exploring a collective consumer market that offers opportunities for both the local private sector and international investors. The partnership includes launching joint industrial projects between the countries to promote economic growth and industrial integration, achieve self-sufficiency, and integrate value chains across the UAE, Egypt and Jordan.