EDB cultivates UAE's food security to the tune of AED1.12 billion

Emirates Development Bank (EDB) has provided AED1.12 billion in financing to the food security sector, representing 8 per cent of its total cumulative financing.

Since the launch of its new strategy in April 2021, EDB's total financing has reached AED14.72 billion, reflecting the importance the bank places on the sector.

Further solidifying its commitment to the future of food security, during ADIFE (Abu Dhabi International Food Exhibition), EDB signed a Memorandum of Understanding with Watermelon Ecosystem, which seamlessly integrates suppliers, buyers, and stakeholders within the food and beverage industry.

Ahmed Mohammed Al Naqbi, Chief Executive Officer of EDB, 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 specialised financing programmes 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.. [thus] positioning the UAE a regional hub for agricultural innovation and food security."