EDB Board reviews progress on new strategy, future roadmap

The Emirates Development Bank (EDB), a Federal Institution fully owned by the UAE Government, held its fourth Board meeting on Thursday to review progress on the bank’s new strategy and objectives; announced by the UAE leadership in April this year.

The Board reviewed the Bank’s Q1’2021 performance, its future roadmap and underlined the important and critical role EDB plays in supporting the UAE’s industrial growth, the adoption of advanced technology, enhancing the role of SMEs in the economy and in promoting innovation and entrepreneurship through its tailored suite of products and services.

Dr Sultan Ahmed Al Jaber, Chairman of the EDB Board of Directors and Minister of Industry and Advanced Technology, said, “The formula of EDB’s success relies on key fundamental elements including best-in-class governance, operational efficiencies, a customer-centric approach, proactive business development and a ‘can-do’ culture that understands the critical role the bank plays in achieving our leadership’s objectives.”

The Board meeting was attended by Dr Ahmad Belhoul Al Falasi, EDB Deputy Chairman and Minister of State for Entrepreneurship and SMEs, Younis Haji Khoury, Under-Secretary of the Ministry of Finance, Mohammed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development, Abdul Wahed Mohammad Al Fahim, Chairman of NASDAQ Dubai, Mariam Saeed Ghobash, Deputy Chairperson of Abu Dhabi Investment Co., Khalfan Jumaa Belhoul, CEO of Dubai Future Foundation, Najla Ahmed Al Midfa, CEO of Sharjah Entrepreneurship Center, and Ahmed AlKuttab, Director, The Executive Office Directorate at Adnoc Group and Yousef Yaqoob Almansoori, Principal Legal Researcher at Dubai Police.

During the meeting, the Board also approved the appointment of Ahmed Mohamed Al Naqbi as the new Chief Executive Officer of EDB to lead and execute the bank’s strategy.

Dr Sultan Al Jaber added, “With his progressive leadership qualities and extensive banking experience, particularly in driving digitization and operational efficiencies, we are confident that Mr Al Naqbi will play a pivotal role in furthering the bank’s strategic roadmap and EDB’s contribution to UAE’s economy; fostering a cohesive, collaborative and high-performance culture within EDB to achieve our 2021 roadmap.”

On his part, Ahmed Al Naqbi thanked EDB Chairman and Board for their trust and continuous support. “This is a critical growth phase for EDB as we begin to execute our new strategy and expand our role as the financial driver of the UAE’s economic diversification agenda. I am delighted to join the EDB team and help drive the bank’s ambitious growth and development plans,” he said.

Ahmed Al Naqbi brings over 15 years of diverse banking experience in the UAE across multiple disciplines with a strong focus on innovation and digitization. He will be driving EDB’s products and service development, along with the adoption of advanced technology solutions, delivering best-in-class customer experience, and ease of access to finance for individuals, SMEs, startups as well as corporates in priority industry sectors.

As part of its announced strategy, EDB plans to reach an AED30 billion portfolio with a wider offering that includes both direct and indirect lending for small, medium and large companies (Supply Chain Finance, Project and Long-term Finance), an investment arm for startups and SMEs (accelerator, equity finance, business growth fund) as well as business advisory services for entrepreneurs, startups and small companies (coaching, consulting, mentoring, market research). This is in addition to the continued home finance solutions for UAE nationals.

Committee for Goods and Materials: The Committee for Goods and Materials Subject to Import and Export Control (CGMSIEC) has held a meeting under the chairmanship of Ahmed Ali Al Sayegh, Minister of State, and Chairman of the Committee, with the presence of its members representing concerned government entities.

Talal Mohammed Al Tenaiji, Director of the CGMSIEC’s Executive Office, reviewed the meeting’s agenda, including the responsibilities recently assigned to the committee under Cabinet Resolution No. (74) of 2020 Regarding the UAE’s terrorist list and the implementation of the UN Security Council resolutions related to preventing and combatting terrorism, terrorist financing, and the proliferation of weapons, and the relevant resolutions.

The meeting also reviewed the latest developments relating to the Executive Office’s regulations, legislation, and MoUs, and its efforts as the enforcer of targeted financial sanctions, in addition to developments pertaining to the Committee’s obligations towards fulfilling the resolutions of the United Nations Security Council, the Chemical Weapons Convention, and the Executive Office’s existing and future initiatives.

WAM