Emirates Development Bank (EDB) has provided AED1.12 billion ($304.9 million) in financing to the food security sector, representing 8 percent 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 strategic importance it places on this critical sector.
By investing in food security, EDB seeks to support the growth of a robust and resilient ecosystem that drives sustainable development and enhances the nation’s self-reliance.
“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,” stated Ahmed Mohammed Al Naqbi, CEO of EDB.
Supporting agritech businesses
Further solidifying its commitment to the future of food security during the Abu Dhabi International Food Exhibition, EDB signed a Memorandum of Understanding with Watermelon Ecosystem, a comprehensive, thriving ecosystem that seamlessly integrates suppliers, buyers, and stakeholders within the food and beverage industry. Their partnership seeks to empower SME farmers and promote sustainable food sourcing.
EDB also showcased its tailored financing solutions designed to support agritech businesses and the UAE’s food production sector.
“Our specialized financing programs 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.
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UAE’s National Food Security Strategy 2051
EDB’s financing efforts seamlessly align with the UAE’s National Strategy for Food Security. This strategy aims to make the UAE the world’s best in the Global Food Security Index by 2051. It also aims to develop a comprehensive national system that enables sustainable food production using modern technologies.
“Food security is one of the five priority sectors we support to drive the UAE’s national development and economic diversification plans..positioning the UAE as a regional hub for agricultural innovation and food security,” Al Naqbi added.
By launching the National Food Security Strategy 2051, the UAE aims to achieve zero hunger by ensuring access to safe, nutritious and sufficient food all year round throughout the world. The strategy specifically aims to implement resilient agricultural practices that increase productivity and production.
