Emirates Development Bank participates in Middle East Rail 2022, addresses its role in financing UAE’s key infrastructure projects
Abu Dhabi, UAE, 25 May 2022: Emirates Development Bank (EDB), the key financial enabler of the UAE’s economic diversification and industrial transformation agenda, has participated in Middle East Rail 2022 to present its range of commercial financing solutions to help develop major national infrastructure projects in the UAE. The 16th edition of the show, which has become the region’s largest event dedicated to innovation, technology and investment in the region’s railway sector, was held at Abu Dhabi National Exhibition Centre between May 17-18.
Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, delivered a key note speech in which he outlined the simulative potential of railways and their role in shaping a more sustainable transport network for the region – both in terms of passengers and freight. The UAE, he said, is at the forefront of this ambitious new era for railways, pointing to the landmark Etihad Rail project, which is scheduled to be fully operational by 2030.
Ahmed Al Naqi commented: “The long-term investment rationale for this project is clear: Etihad Rail will reduce carbon emissions by 70 to 80 percent, it will provide more than 9,000 jobs and it will, by 2030, transport 36.5 million passengers and 60 million tons of goods each year. It is the kind of ambition that we, at Emirates Development Bank, is committed to supporting over the next 50 years – and beyond.”
Al Naqbi then highlighted how EDB, under the new strategy launched in April 2021, is focused on delivering flexible financial solutions for infrastructure and capital expansion projects that can have a similarly lasting impact on the UAE, which will be key to accelerating the nation’s economic diversification and industrial transformation agenda.
“EDB offers patient debt approach with an emphasis on developmental impact. Our direct and indirect financing is offered with long tenors, higher loan-to-value ratios, lower rates and with interest grace periods,” he said. “EDB offers agile and accessible financing to corporations in key sectors, which facilitates the completion of large-scale projects such as transport networks.”
EDB’s proprietary Developmental Impact Scorecard is a core component of how a company’s or project’s eligibility for finance is assessed. Alongside normal lending criteria, EDB uses to scorecard to assess qualitative and quantitative economic impact such as GDP growth and job creation as well as in-country value, advanced technology adoption and greenfield or brownfield development.
“At EDB, we are confident that our new mission will play a pivotal role in the delivery of projects that have strong economic impact. We are delighted to have been part of Middle East Rail 2022 and see the progression of the sector and we look forward to the journey we and all our partners in the industrial sector can take together.”
Held at the Abu Dhabi National Exhibition Centre, Middle East Rail 2022 brought together leaders of the entire transportation community, forward-thinking senior executives, key decision makers, and government representatives to discuss the most pressing topics in the global railway and transportation sector, and highlight the latest innovations in the industry.