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Ahmed Mohamed Al Naqbi

EDB presents financing to drive green transition at Adipec

ABU DHABI, October 2, 2023

Emirates Development Bank (EDB), the key financial engine of UAE economic development and industrial advancement, is presenting its developmental financing solutions to more than 160,000 delegates from 160 countries at Adipec 2023. 
 
With energy transition, net zero and industrial decarbonisation taking centre stage at the event's discussions, EDB is using the show to present its financing solutions to drive support for the UAE's energy transition, industrial growth and economic diversification. 
 
The bank has allocated AED30 billion ($8.2 billion) to support 13,500 SMEs in five priority sectors: Manufacturing, Renewables, Technology, Healthcare, and Food Security. Direct support of the manufacturing sector is a key element of that mission. Since the launch of the UAE Industrial Strategy 'Operation 300bn', EDB approved a total of AED3.15 billion in financing for the nation's manufacturing industry.
 
At the heart
Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, said: "Adipec 2023 stands at the heart of global dialogue and collective sector action to decarbonise faster and future-proof the world's energy system. We are joining world energy and industry leaders to highlight the need for greater investment and reliable financing solutions to enable the transition to renewables and support the decarbonisation of hard-to-abate industries. 
 
“Renewables has become a key focal area this year, the UAE Year of Sustainability, and the year the nation hosts the crucial COP28 climate talks. Our support for businesses and projects addressing the challenges and opportunities in the renewables sector solidifies the nation’s position as a pioneering global hub for clean energy technology and manufacturing. We are also cultivating a favorable business environment through bespoke financing solutions for businesses working in the renewables sector and those willing to shift to solar energy to drive further efficiencies in their operations."
EDB has played a pivotal role as the Initial Mandated Lead Arranger (IMLA) and Senior Hedging Bank, collaborating with other prominent financial institutions, in the financing of the substantial AED8.8 billion sustainable water project between Adnoc and Taqa, in partnership with the consortium of Orascom and Metito. 
 
The project's aim is to provide a significant 110 MIGD nano-filtered seawater source, along with an extensive network of distribution pipelines, dedicated to supporting Adnoc's onshore operations.
 
Indispensable force
“This transaction shows how the transformative power of finance is an indispensable force steering the nation towards a greener, more resilient energy paradigm. EDB remains committed to supporting the nation’s sustainability drive through supporting such immense projects,” added Al Naqbi. 
 
Al Naqbi will participate in a key strategic panel: 'Financing industries of the future: the role of SMEs in driving economic progress' at Adipec on Tuesday, 3 October. He will be joined by Raja Al Mazrouei, CEO, Etihad Credit Insurance (ECI); Dr Palat Menon, Founder and CEO, AstraGene; Fahmi Al Shawwa, CEO, IMMENSA; and Haitham Al Subaihi, Acting Executive Director of Business Development & Promotion, Abu Dhabi Investment Office (ADIO). Together they will spotlight the correlation between capital financing trends and advanced manufacturing in the UAE and globally, and how supporting SMEs can transform an industrial sector and deliver competitive economic growth.
 
In addition, the EDB's Chief Executive Officer will participate in two CEO Roundtables organised by the Ministry of Industry and Advanced Technology (MoIAT) on the sidelines of Adipec. 
 
The MoIAT Germany Roundtable on October 3 and the MoIAT Russia Roundtable on October 4 will be chaired by Omar Al Suwaidi, Undersecretary of MoIAT and will convene representatives of UAE government entities and leading energy and manufacturing industry companies from the UAE and each of the two countries to discuss future investment opportunities and prospects of collaboration to drive energy transition and new technologies for industrial decarbonisation.--TradeArabia News Service
 



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