Dubai: Emirates Development Bank (EDB), the key player in the UAE’s economic development and industrial growth, took part in the 26th annual Water, Energy, Technology, and Environment Exhibition 2024 (WETEX) held at the Dubai World Trade Centre.
The event spotlighted EDB’s comprehensive financing solutions aimed at supporting the UAE’s renewable energy sector aligning with nations ambitious goal of achieving net-zero emissions by 2050.
WETEX 2024 brought together a significant gathering of regional and international stakeholders to address pressing climate change challenges. The exhibition served as a platform for discussing tailored financial solutions designed to aid participants in achieving their energy transformation objectives.
EDB’s presence at WETEX underscores its dedication in enhancing the UAE’s energy and renewable sectors. This focus is part of EDB’s strategy to invest in five priority areas crucial for national economic diversification and growth.
His Excellency Ahmed Al Naqbi, Chief Executive Officer of EDB, stated that, “As the UAE’s development bank and a key financial engine for national economic development, our focus on energy and renewables is vital. We are dedicated to exploring purpose-driven partnerships that align with the UAE Net Zero by 2050 Strategy. Our innovative financial solutions are designed to incentivize global businesses to maximize their investments in clean energy. Through our dedicated support for stakeholders, we aim to bolster the nation’s energy infrastructure and equip it with cutting-edge technologies that contribute to a sustainable future.”
Neeraj Gandhi, Senior Vice President of Product Development (mSMEs) at EDB, participated in a panel titled “Financing the Energy Transition in the MENA Region: Role of Governments and Private Sector.” The session, featuring industry leaders like Ms. Line Bitar from ACWA Power, Ms. Shamma Al Rabeea from the Abu Dhabi Department of Energy, and Mr. Adrian Kershaw from SWS Holding, explored the importance of regional and international cooperation in financing mechanisms that support the MENA region’s energy transition. The discussion further emphasized the necessity for partnerships to bridge financial gaps and accelerate decarbonization efforts.
Aligned with governmental priorities, EDB remains committed to promoting a clean, sustainable, and environmentally friendly economy. The bank has set a target to provide AED 30 billion ($8.16 billion) in financing support to 13,500 companies across its five priority sectors-food security, renewables, manufacturing, technology, and healthcare by 2026.