"Emirates Development": 30 billion dirhams to support 13.5 thousand companies

2023-05-14 22:00:41

The Emirates Development Bank participated in the annual “Mia Finance” summit and awards for banking technology 2023. And the bank stated that it seeks, within the framework of its five-year strategy, which it revealed in April 2021, to empower small and medium-sized companies and large institutions in five priority sectors, namely: industry, technology, health care, renewable energy, and food security. The bank aims to provide financing worth 30 billion dirhams, to support 13,500 companies within the aforementioned sectors by 2026. The event, which was held in Dubai, witnessed the participation of a group of pioneers in the banking and financial sector and financial technology experts in the region, as they discussed developments in the areas of banking digitization, and explored Opportunities and emerging trends in the financial sector.

The summit included a series of inspiring discussion sessions, which touched on a number of pivotal topics, including the changes and trends that will be introduced by cutting-edge technologies, which will make it easier for banks and financial institutions to keep pace with future requirements and face challenges.

Ahmed Mohammed Al Naqbi, CEO of the Emirates Development Bank, said, “The bank aims to enable sustainable economic growth in the UAE, and we are keen to promote innovation and development by providing financing solutions for micro, small and medium enterprises, large companies and industrial development projects, and our participation in such events enables us.” By keeping abreast of local and global technological and economic developments that contribute to shaping the features of the banking and financial sector.

Krishna Kumar Nair, Head of Support Operations at the Emirates Development Bank, participated in the closing session of the summit entitled “Features of Banking Technology at the End of the Current Decade”, which aimed to take a look at the future of the banking sector and the role of financial technology in it. Nair stressed the importance of adopting digital transformation to meet the evolving needs of customers and businesses, and also highlighted the need for cooperation between the banking sector and financial technology companies to ensure a safe and comprehensive financial system.