DUBAI, UAE, 21 September 2023: Emirates Development Bank (EDB) announced it has participated in the fifth annual Future Food Forum. Making the announcement through a Press release, EDB said it is in line with the bank’s commitment to the UAE’s food security. EDB said the forum, held from September 20 to 21, gathered major regional and international players in the food industry to shore up the sustainable future of the MENA region’s food sector. 

EDB said food security is one of its five priority sectors that play a vital role in strengthening the UAE’s national development and economic diversification plans. EDB further said it provides significant financial support and tailored solutions to enhance local tech-driven food production and added that it has recently launched a dedicated AgriTech Loans Program to drive much-needed capital into the agritech industry. The programme, the band said, aims to provide vital support – in the form of favourable, longer-term loans of up to AED5 million and a tenor of 10 years. – to local producers, farmers, agribusinesses, and food-related projects. 

Ahmed Al Naqbi, CEO of Emirates Development Bank, said: “As the UAE’s development bank and a key financial engine for national economic development, food security is on our agenda.  Moreover, we aim to support the objectives of the UAE National Food Security Strategy 2051 through valued-added financing support to businesses, tailored agritech loans and building partnerships with emerging companies and key stakeholders.  Our efforts reflect our commitment to advancing national agriculture industries and food production capabilities, enabling UAE to be a regional leader in both sectors.” 

The Future Food Forum, Al Naqbi said, was an ideal platform for us to present our flexible financing offers to the right audience. He further said they are also keen to learn more about the current and future issues facing the food security sector and to call for greater collaboration between government stakeholders, local manufacturers, and value-added resellers – vital for a sustainable food ecosystem. 

EDB said that to support the UAE’s National Food Security Strategy 2051 and boost the adoption of advanced technology and cutting-edge farming techniques, it has several partnerships in place. According to EDB, these include the partnership with the UAE Ministry of Economy’s Entrepreneurial Nation to support the Smart Farming Global Innovation Challenge – an initiative that seeks to optimise the digitalisation of agriculture for companies based in the UAE and globally. In addition, EDB said it has also signed an agreement with Food Tech Valley to provide financial solutions to companies operating within the project. Food Tech Valley, EDB said, is a hub for innovating future clean tech-based food and agricultural products. EDB said it has also partnered with the Ministry of Climate Change and Environment (MOCCAE) to set up a scheme to offer finance solutions to modern agricultural SMEs and startups to drive agritech entrepreneurship and boost the UAE’s and food security. 

EDB said Abdalla Al Aboodi, Senior Vice President, Project & Corporate Finance and Wholesale & Institutional Banking, Emirates Development Bank, joined Sankha Biswas, CEO, Nutridor Dairy Manufacturing; Paul Thachil, Managing Director, Oils and Fats, IFFCO Group; and Abdelrazak Al-Sharif, Head of Programs, Sheraa, in one of the panel discussions, titled, Investing in the Future of Food and Beverage, on the first day of the forum. EDB said they discussed financing trends in food tech SMEs, the future outlook for impact investing and sustainable food initiatives, and gave an overview of government-aided financing, collaborations, and partnerships for industry innovation. 

Aligned with government priorities, EDB said it will continue to deliver on its mission of fostering a healthy, sustainable, and self-reliant economy, with a mandate to approve AED30 billion in financing support to 13,500 companies within its five priority sectors – food security, renewables, manufacturing, technology, and healthcare – by 2026.