Emirates Development Bank Reveals AED 1.12 billion in financing to cultivate the UAE’s Food Security Sector

Abu Dhabi, United Arab Emirates, 05 December 2024: Emirates Development Bank ("EDB" or "the Bank"), the key financial engine of economic development and industrial advancement in the UAE, concluded its successful participation at the third Abu Dhabi International Food Exhibition (ADIFE) from November 26-28 at ADNEC. EDB's participation underscores its dedication to empowering agritech businesses and driving sustainable food production in line with the UAE's National Food Security Strategy 2051.

As part of its commitment to the UAE's national development agenda, EDB has provided AED 1.12 billion in financing to the food security sector, representing 8% of its total cumulative financing. Since the launch of its new strategy in April 2021, EDB’s total financing has reached AED 14.72 billion, reflecting the strategic importance the bank places on this critical sector. By supporting food security, EDB seeks to cultivate a robust and resilient ecosystem that drives sustainable development and enhances the nation’s self-reliance.

His Excellency Ahmed Mohammed Al Naqbi, Chief Executive Officer of Emirates Development Bank, commented, “Food security is a national imperative as well as a global challenge that demands innovative solutions and collaborative partnerships. At EDB, we believe that fostering a thriving agritech ecosystem is crucial to achieving the UAE's ambitious food security goals. Our specialized financing programs for the food security sector and strategic partnerships, such as the one we signed this week with Watermelon Ecosystem, demonstrate our commitment to empowering local producers, driving technological advancements, and building a sustainable food future in the UAE.”

Al Naqbi added: “Food security is one of the five priority sectors we support to drive the UAE's national development and economic diversification plans. By boosting local food production and enabling the advancement of modern agriculture industries, we contribute to positioning the UAE a regional hub for agricultural innovation and food security.”

Co-located with ADIFE is the inaugural Global Food Security Summit (GFSS), focused on strategies to enhance food security and tackle global challenges. During these events, EDB presented its innovative financing solutions and specialized products to support businesses across the entire food value chain, fostering innovation and driving a sustainable food future for the UAE. A key highlight is the AgriTech Loans Program offering favorable loans up to AED 5 million with a 10-year term to promote advanced farming technologies. The Bank also highlighted its AGRIX accelerator program, which supports the UAE's Food Security Strategy 2051 by providing AgriTech solutions, workshops, training, and insights to drive sustainable farming practices and innovation among local producers.

Partnering for Progress: MoU with Watermelon Ecosystem

Further solidifying its commitment to the future of food security, during ADIFE, EDB signed a Memorandum of Understanding (MoU) with Watermelon Ecosystem, a comprehensive, thriving ecosystem that seamlessly integrates suppliers, buyers, and stakeholders within the food and beverage industry. This partnership formalizes the intention of both parties to explore collaborative opportunities related to strengthening support for SME farmers operating within the food security sector. The MoU outlines potential areas of collaboration, including referrals, joint marketing efforts, and knowledge sharing, all aimed at fostering a more sustainable and efficient food sourcing landscape. Watermelon Ecosystem currently boasts over 50 registered local farmers and is poised for significant expansion within the UAE's agricultural sector.

EDB's participation in ADIFE and the GFSS underscores its role as a vital partner in the UAE's journey toward a secure and sustainable food future. It also reaffirms the Bank’s commitment to strengthening the nation’s food security