Emirates Development Bank (EDB) has committed AED1.12 billion to the food security sector, accounting for 8% of its total cumulative financing since launching its new strategy in April 2021.
The bank’s total financing has reached AED14.72 billion, underscoring the strategic significance of food security in the UAE's sustainable development goals.
Ahmed Mohammed Al Naqbi, CEO of EDB, emphasized the importance of food security as a national priority and a global challenge.
"At EDB, we believe that fostering a thriving agritech ecosystem is crucial to achieving the UAE's ambitious food security goals,"
Al Naqbi stated. He highlighted the bank's specialised financing programmes and partnerships, such as the recently signed agreement with Watermelon Ecosystem, as key drivers of innovation and sustainability in the sector.
The Memorandum of Understanding (MoU) with Watermelon Ecosystem, signed during the Abu Dhabi International Food Exhibition (ADIFE), strengthens EDB’s commitment to advancing the UAE as a regional hub for agricultural innovation. This partnership integrates suppliers, buyers, and stakeholders to enhance the efficiency of the food and beverage industry.
Food security is one of EDB’s five priority sectors, aimed at driving economic diversification and positioning the UAE as a leader in agricultural innovation. By empowering local producers and promoting advanced agritech solutions, EDB is cultivating a resilient ecosystem to enhance the nation's self-reliance and secure a sustainable food future.
News Source: Emirates News Agency
