Emirates Development Bank Catalyzes Economic Growth in Fujairah with Strategic Focus on Partnerships and Innovation

Fujairah, UAE – December 10, 2024 – Emirates Development Bank (EDB), the key financial engine of economic development and industrial advancement in the UAE, successfully held the sixth edition of its flagship EDB Connect forum series in the Emirate of Fujairah, bringing together government officials, private sector leaders, companies in key sectors, and financial experts to explore pathways to drive the Emirate’s economic diversification and sustainability.

The event, held in partnership with the Ministry of Industry and Advanced Technology’s “Make it in the Emirates" initiative, focused on fostering robust partnerships between the private and public sectors, a critical factor for accelerating the nation’s growth in key industries.

Themed “Catalyzing Sustainable Growth: Fujairah’s Pathway to Economic Diversification and Innovation”, the event provided a powerful platform for discussions centered around unlocking Fujairah’s immense economic potential. Prominent topics included driving growth in critical sectors such as manufacturing, renewable energy, food security, advanced technology, and healthcare, as well as financing strategies that support innovation and economic growth.

The event featured keynote speeches, panel discussions and presentation with influential speakers from the government and private sectors. Together, they explored strategies to

 optimize Fujairah’s unique resources while aligning with the UAE’s long-term vision for economic diversification and sustainability.

His Excellency Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, underscored EDB’s pivotal role in fostering collaboration and driving economic impact across the Emirates. He said: “EDB Connect – Fujairah highlighted how strategic partnerships can open up incredible opportunities for sustainable economic growth. By fostering collaboration and forward-thinking strategies, EDB is playing a key role in driving economic diversification and shaping the future of emerging sectors across the Emirates. Through the EDB Connect platform, we’re creating a foundation for innovation that drives transformation in line with the UAE’s national development and industrial growth strategies. Our focus on building connections and expanding partnerships reflects our strategic approach to creating a supportive ecosystem for businesses, attracting investment, and fueling sustainable growth for years to come.”

His Excellency, Sultan Jemei Al Hindasi, Director General of the Fujairah Chamber of Commerce and Industry highlighted the remarkable economic and social progress achieved by the Emirate of Fujairah during his speech at the forum. He attributed this development to the visionary leadership of His Highness Sheikh Hamad bin Mohammed Al Sharqi, Member of the Supreme Council and Ruler of Fujairah (may God protect him), and the dedicated efforts of His Highness Sheikh Mohammed bin Hamad Al Sharqi, Crown Prince of Fujairah (may God bless him). Among the most notable advancements, he emphasized the Port of Fujairah and the Fujairah Oil Industry Zone (FOIZ), which has emerged as a key global hub for oil storage, blending, and production. These achievements have elevated the port to rank among the top three international centers for ship refueling.

Al Hindasi emphasized the impressive growth of Fujairah's industrial sector, positioning it as a vital pillar of the local economy and a strategic hub for diverse industries. With a strong focus on attracting investments, the government has prioritized this key sector, which boasts a wide array of factories spanning various industrial fields. Notably, the industrial sector now contributes over 22% to the emirate's GDP, underscoring its significant economic impact.

He highlighted Fujairah's wealth of natural resources, which serve as a cornerstone of the emirate's economy. Additionally, tourism stands as a key pillar of development, driving growth and progress. Fujairah’s tourism strategy envisions a series of ambitious projects to enhance its infrastructure, including the construction of hotels, the development of recreational facilities, improvements in service quality, and the hosting of diverse sporting events.

In closing, Al Hindasi expressed his deep gratitude to the Emirates Development Bank for its pivotal role in driving the national economy. Through innovative financing solutions and dedicated support programs, the bank has become a cornerstone in empowering companies and small and medium-sized enterprises—key pillars in the nation’s strategic efforts to strengthen its productive framework.

The forum’s panel discussions were moderated by Shaker Zainal, Chief Business Officer of EDB. The first session on "Driving Growth in Key Sectors" featured distinguished panelists including H.E. Mohammed Obaid Bin Majed, Director General of the Fujairah Department of Industry and Economy, H.E. Sharief Al Awadhi, Director General of the Fujairah Free Zone Authority; Mohammed Zainal Al Zarouni, Director of External Investment, Ministry of Investment; and Hamad Tahnoon Al Ali, Industries Principle Engineer, Ministry of Industry and Advanced Technology (MoIAT). The speakers emphasized Fujairah’s role as a hub for industrial growth and innovation-driven industries and explored the emirate’s potential to foster diversified economic growth across key sectors, including manufacturing, renewables, food security, advanced technology, and healthcare. Key insights from the session outlined how targeted investments and strategic collaborations could elevate the region’s competitive advantage across multiple sectors.

The second panel discussion focused on "Financing Growth and Supporting Innovation" and included H.E Sultan Jemei Al Hindasi, Director General of Fujairah Chamber of Commerce and Industry; Adnan Anwar, CEO of National Bank of Fujairah; and Faisal Al Suwaidi, Sales Manager at Etihad Credit Insurance, as the main panelists. The discussion focused on innovative financial frameworks and de-risking strategies to empower businesses and boost Fujairah's economic transformation. This session provided a roadmap for enabling businesses of all sizes to access finance, fostering a more inclusive and innovative business environment, and ensuring long-term economic sustainability in Fujairah.

The event concluded with an award ceremony recognizing key strategic partners and entities that actively contribute to Fujairah’s economic growth.