Emirates Development Bank Champions Food Security and AgriTech Innovation at 5th Global Vertical Farming Show

Dubai, United Arab Emirates, September 13, 2024: Emirates Development Bank ("EDB" or "the Bank"), the key financial engine of economic development and industrial advancement in the UAE, demonstrated its commitment to enhancing food security and promoting agricultural innovation at the 5th Global Vertical Farming Show in Dubai

Recognizing the crucial role of food security in the UAE's national development agenda, EDB has provided AED 945 million in financing since April 2021 to support the UAE's food security sector. Further reinforcing this commitment, the Bank launched its specialized AgriTech Loans Program last year to encourage the adoption of advanced farming technologies and precision agriculture practices.

His Excellency Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, emphasized the UAE's leadership in the agricultural revolution, stating: "Technological advancements and the need for sustainable food production are driving a paradigm shift in agriculture. The UAE is at the forefront of this transformation, and EDB is committed to catalyzing growth in this vital sector.”

Al Naqbi added: "Financing innovative agricultural practices is not just an economic imperative but a fundamental pillar of national resilience. As a development bank focused on economic impact, we offer flexible solutions, competitive rates, and extended tenors tailored to the specific needs of agriculture ventures. Our aim is to build an ecosystem where these businesses can thrive and contribute to the UAE's long-term food security goals."

EDB took center stage at the Global Vertical Farming Show, actively engaging in discussions about the future of this industry. Shaker Zainal, Chief Business Officer at EDB, delivered a keynote address during the Day 1 Highlight Session, offering expert insights into the UAE's agritech investment landscape and EDB's critical role in fostering its growth. Zainal underscored the UAE's position as a prime destination for agritech investment, driven by strong government support, rapid technological advancements, and comprehensive financing solutions provided by institutions like EDB.

Abdulla Al Hamed, Vice President of MSMEs at EDB, participated in a panel discussion on accelerating vertical farming in the Middle East. He emphasized the need for flexible financing tailored to the unique challenges faced by SMEs and startups in the sector, highlighting EDB's commitment to bridging the financing gap with patient debt and adaptable solutions to ensure these businesses have the resources to thrive.

EDB’s exhibition booth showcased its innovative financing solutions and specialized programs designed to empower agritech businesses and drive economic growth. The Bank introduced its 20-week AGRIX accelerator program, aimed at supporting the UAE's National Food Security Strategy 2051. AGRIX equips farmers, agribusinesses, and technology providers with cutting-edge AgriTech solutions, expert-led business workshops, hands-on training, and insights into sustainable farming practices.

By championing innovation, providing tailored financing solutions, and actively engaging with industry stakeholders, EDB continues to shape the future of food security in the UAE and the wider region.