Abu Dhabi, UAE: Inline with the strong fraternal, trade and economic relations between the UAE and the Kingdom of Saudi Arabia, the Emirates Development Bank [EDB] – a key financial engine of the UAE’s economic diversification and industrial transformation agenda, received a high-level team from Saudi Arabia’s Social Development Bank [SDB] as part of a knowledge-sharing initiative.
EDB and SDB discussed collaboration and opportunities – particularly in the innovation space – to support companies and entrepreneurs across the two countries. The EDB team also provided an overview of its strategy to support the UAE’s economic diversification agenda to the visiting SDB delegation.
In his comments on the visit, Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB reiterated the close business and economic relations between the UAE and KSA, and their efforts to expand areas of cooperation across sectors.
“The UAE and KSA have strong trade and economic relations, accounting for more than half the region’s imports and exports. As banks, we have a responsible role to play in this development process by creating more opportunities for commercial and investments across both the countries,” Al Naqbi said.
“The visit of Saudi Arabia’s Social Development Bank is part of our efforts to exchange our knowledge and experiences with our partners in other countries. We presented our strategic roadmap and its envisioned goals with the SDB team and explored opportunities to collaborate on joint projects, including innovation, to ensure economic prosperity across both the UAE and KSA,” he added.
During the visit, the EDB team also showcased its strategy and approach as the financial enabler of UAE Government’s ‘Operation 300bn’ program, aimed at supporting the country’s industrial growth and economic diversification plans. Within this, EDB has allocated AED 30 billion to finance over 13,500 SMEs, startups, and corporates in priority sectors in next decade.