Emirates Development Bank Highlights Comprehensive Financing Solutions for UAE's Renewable Energy Sector at 26th WETEX
Emirates Development Bank ("EDB" or "the Bank"), the leading financial engine for the UAE's economic development and industrial growth, successfully concluded its participation in the 26th annual Water, Energy, Technology, and Environment Exhibition (WETEX). Held at the Dubai World Trade Centre from October 1 to 3, 2024, EDB showcased a broad range of financing solutions designed to bolster the UAE's renewable energy sector, in line with the nation’s ambitious goal of achieving net zero emissions by 2050.
This year’s WETEX event attracted a diverse gathering of regional and international stakeholders, bringing together experts to address the critical challenges posed by climate change. EDB utilized this platform to introduce its tailored financial solutions aimed at empowering businesses and institutions to pursue energy transition goals. EDB’s participation underscores its commitment to advancing the UAE’s energy infrastructure and strengthening one of the key sectors it targets for economic diversification and growth.
His Excellency Ahmed Al Naqbi, Chief Executive Officer of Emirates Development Bank, emphasized the bank’s vital role in supporting the UAE's energy transformation:
"As the UAE's development bank and a key financial engine for national economic development, our focus on energy and renewables is vital. We are dedicated to exploring purpose-driven partnerships that align with the UAE Net Zero by 2050 Strategy. Our innovative financial solutions are designed to incentivize global businesses to maximize their investments in clean energy. Through our dedicated support for stakeholders, we aim to bolster the nation’s energy infrastructure and equip it with cutting-edge technologies that contribute to a sustainable future."
Mr. Neeraj Gandhi, Senior Vice President of Product Development (mSMEs) at EDB, took part in a panel discussion titled "Financing the Energy Transition in the MENA Region: Role of Governments and Private Sector." Joined by industry leaders, including Ms. Line Bitar from ACWA Power, Ms. Shamma Al Rabeea from Abu Dhabi Department of Energy, and Mr. Adrian Kershaw from SWS Holding, the panel explored the essential role of regional and international cooperation in developing financing mechanisms for the MENA region’s energy transition. Discussions highlighted the significance of partnerships in bridging financial gaps and expediting decarbonization efforts.
Aligned with the UAE government’s priorities, EDB remains committed to promoting a clean, sustainable, and environmentally conscious economy. The bank aims to provide AED30 billion in financing support to 13,500 companies across its five priority sectors – food security, renewables, manufacturing, technology, and healthcare – by 2026.
