Emirates Development Bank CEO says financial access is a key driver to economic recovery
· Speaking at Bonds, Loans & Sukuk Middle East 2022, Ahmed Mohamed Al Naqbi said improving access to credit will be critical to growth and innovation
Dubai, UAE: June 8, 2022 – Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank (EDB) has called on the local and regional banking community to increase access to corporate finance and accelerate the UAE’s economic recovery. Speaking on the opening day of Bonds, Loans & Sukuk Middle East 2022, which took place at Madinat Jumeirah, Dubai, between June 7-8, Al Naqbi highlighted the role of financial markets in driving growth and innovation, and explained how EDB’s tailored, flexible financing solutions, with a focus on developmental impact, is delivering tangible benefits to the national economy.
During his keynote speech, Ahmed Mohamed Al Naqbi also underlined the challenge both large corporates and SMEs continue to face in securing the finance they require to expand their businesses, and restated EDB’s commitment to forging partnerships to mobilize capital in support of the UAE’s economic diversification and industrial transformation agenda.
“What our economy needs now is long-term, sustainable and future-proof growth. And we in the credit business have the power – and the responsibility – to ensure our corporations, our SMEs and our start-ups have access to the finance needed to fuel it,” Al Naqbi said. “Our mission at Bonds, Loans & Sukuk Middle East is to demonstrate our readiness to work alongside financial institutions, government bodies and development agencies to offer direct and indirect financing to companies in priority sectors. It’s this network of partners that enables us to identify the right clients and projects and move quickly to bring their development plans to reality – and accelerate our impact on the UAE economy.”
Also speaking at the event was Vivek Vohra, EDB’s Head of Wholesale and Institutional Banking, who took part in panel discussion debating the merits of capital expenditure and refinancing. He championed EDB’s proprietary Development Impact Scorecard as a means of assessing a project’s viability, citing its unique ability to balance risk aversion with wider economic benefits.
Held over two days, Bonds, Loans & Sukuk Middle East is the region’s largest gathering for the corporate and investment banking industry. EDB, a gold sponsor of the event, used the platform to showcase both its unique role in the UAE financial sector and its range of financial services and products.
Commenting on the bank’s participation, Al Naqbi said: “The event proved extremely valuable for EDB, allowing us to engage an important cross-section of the corporate and investment banking community and providing an opportunity to develop and strengthen our network of partners. We look forward to working with them in the weeks and months ahead to deliver the finance and support our private sector – and therefore our economy – needs.”
Bonds, Loans & Sukuk Middle East Bonds hosted 70-plus speakers, 550-plus sovereign, corporate and financial institution borrowers and 200-plus investors and lenders – with 93 percent of the attendees at director level or above.