Emirates Development Bank (“EDB” or “the Bank”), the key financial engine of economic development and industrial advancement in the UAE, underscored its pivotal role in fostering sustainable, self-reliant economic growth across key sectors during Global Trade Review MENA 2024 (GTR MENA) at Jumeirah Emirates Towers in Dubai.
During the event, EDB highlighted its cutting-edge supply chain finance and trade finance solutions designed to support UAE companies and bolster their growth. With over 900 market leaders and a spectrum of companies in trade and exports in MENA, the Bank showcased its contributions to the region’s trade and export landscape.
His Excellency Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, commented: “In the dynamic global trade and exports space, trade and supply chain finance are key catalysts of business growth and international expansion. Participating in the GTR MENA event, we are highlighting our specialised solutions in trade financing, working capital, and supply chain finance designed to help businesses optimize their operations and facilitate sustainable growth within the dynamic global marketplace. Our presence at this event demonstrates our commitment to enhancing trade and supply chain finance mechanisms to create a stronger and more sustainable economy and bolster the UAE’s non-oil GDP.”
In a panel discussion titled ‘Public Sector Supply Chain Finance’, EDB’s Chief Business Officer, Shaker Zainal, shared the stage with Bhriguraj Singh, Chief Product Officer, GTRF at HSBC, and Simon Cook, Partner at Sullivan & Worcester UK, to explore the evolving landscape of public sector supply chain finance in the MENA region. The dialogue focused on the evolving supply chain finance in the MENA region and its role in lowering financing costs and improving efficiency for companies and suppliers.
During the panel, Shaker Zainal talked about EDB’s innovative supply chain finance solutions which aim to bridge working capital gaps and create a stronger marketplace with a resilient supply chain.
EDB’s commitment aims to unlock the potential of large corporates and SMEs by providing them with tools and resources to navigate the challenges of working capital, global trade, and cashflow management effectively. In 2023, the Bank announced new supply chain finance and working capital solutions for SMEs in collaboration with Trade Capital Partners. The partnership underlines the EDB’s commitment to supporting SMEs and its belief in the resilience of the SME community that constitutes over 94% of the total private sector companies in the UAE and accounts for around 50% of employment.
EDB’s booth featured the Bank’s supply chain finance, trade finance and working capital solutions as well as its comprehensive range of flexible financing solutions and bespoke programs.
