Emirates Development Bank Allocates AED 1.12 Billion to Strengthen UAE's Food Security Sector

Food & FMCG

Emirates Development Bank Allocates AED 1.12 Billion to Strengthen UAE's Food Security Sector

Emirates Development Bank (EDB), a key financial institution driving economic growth and industrial development in the UAE, has announced the allocation of AED 1.12 billion in financing to support the UAE's food security sector. The announcement comes as part of EDB’s successful participation at the third Abu Dhabi International Food Exhibition (ADIFE) held from November 26-28, 2024, at ADNEC.

This strategic move aligns with the UAE’s National Food Security Strategy 2051, underscoring EDB’s commitment to fostering innovation in agritech and sustainable food production. The AED 1.12 billion in financing represents 8% of EDB’s total cumulative financing, which has reached AED 14.72 billion since the launch of its new strategy in April 2021.

EDB’s Role in National Development

H.E. Ahmed Mohammed Al Naqbi, Chief Executive Officer of EDB, emphasized the critical importance of food security for both national development and global stability. “Food security is a national imperative as well as a global challenge that demands innovative solutions and collaborative partnerships,” Al Naqbi said. “At EDB, we believe that fostering a thriving agritech ecosystem is essential to achieving the UAE's ambitious food security goals.”

Al Naqbi further highlighted that food security is one of the five priority sectors EDB supports in line with the UAE’s economic diversification plans. By boosting local food production and advancing modern agriculture technologies, the bank aims to position the UAE as a regional hub for agricultural innovation.

Innovative Financing and Strategic Partnerships

At ADIFE, EDB presented its specialized financing programs aimed at enhancing the food security sector, including the AgriTech Loans Program, which offers loans up to AED 5 million with favorable terms. The Bank also showcased its AGRIX accelerator program, which supports the UAE’s Food Security Strategy 2051 by providing AgriTech solutions, workshops, and training to local producers.

A key development during the exhibition was EDB’s signing of a Memorandum of Understanding (MoU) with Watermelon Ecosystem. This partnership formalizes the collaboration between EDB and the thriving ecosystem, which integrates suppliers, buyers, and stakeholders in the food and beverage industry. The MoU aims to strengthen support for SME farmers within the food security sector through joint marketing efforts, referrals, and knowledge sharing.

Commitment to a Sustainable Food Future

EDB’s participation in ADIFE and the inaugural Global Food Security Summit (GFSS) reinforces its commitment to supporting the UAE’s efforts toward achieving a secure and sustainable food future. Through strategic financing and innovative programs, EDB continues to play a crucial role in ensuring the nation’s food security and advancing its broader economic objectives.