Sunday September 20, 2020 (Abu Dhabi, UAE): The Emirates Development Bank’s (EDB) newly appointed Board of Directors, held its first meeting today led by its Chairman, H.E Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology. During the meeting, His Excellency Dr. Ahmed bin Abdullah Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises, was appointed as Deputy Chairman of the Bank.
His Excellency Dr. Sultan Ahmed Al Jaber began the meeting by welcoming the new Board members and stressing the importance of implementing the UAE leadership’s aspirations for the Bank and its critical role in realizing the UAE’s national priorities agenda.
The Board discussed the importance of revisiting the current strategy in order to enhance the Bank’s ability to contribute to the country’s industrial growth and economic diversification plans. The Board also discussed the importance of the Bank’s overall role in stimulating in country value, while also supporting SME’s and becoming a driver for innovation, development and entrepreneurship.
His Excellency highlighted the key pillars of the strategy refresh saying: “The EDB strategy should address the needs of the post Covid 19 economy by ensuring that it is playing a critical role in supporting the national economic agenda, becoming a key enabler and center of excellence for SME's and Industry as well as 4IR integration, playing a key role in creating in country value, achieving a wider reach in markets and becoming a funder of choice for development initiatives.”
The Board also discussed the importance of ensuring institutional governance and the setting up of frameworks for effective and successful engagement and cooperation with relevant government and private sector entities.
The Emirates Development Bank will focus on creating new opportunities and expanding growth to effectively contribute to advancing the sustainable development of the national economy in preparation for the next fifty years.