Emirates Development Bank (EDB), a pivotal force in the UAE’s economic and industrial growth, successfully wrapped up its participation in the 26th annual Water, Energy, Technology, and Environment Exhibition (WETEX 2024) held at the Dubai World Trade Centre from October 1 to 3, 2024. The WETEX 2024 showcased EDB’s comprehensive financing solutions aimed at bolstering the UAE’s renewable energy sector, all in support of the nation’s ambitious goal of achieving net-zero emissions by 2050, according to the press release.
This year’s WETEX brought together a diverse group of regional and international stakeholders, fostering discussions around the urgent challenges posed by climate change. Attendees were introduced to a range of tailored financial solutions designed to help achieve their energy transformation objectives. EDB’s presence at the event highlights its commitment to advancing the UAE’s energy and renewable sectors, which are among the five priority areas for investment and development in support of national economic diversification and growth.
His Excellency Ahmed Al Naqbi, Chief Executive Officer of EDB, emphasized the bank’s focus on energy and renewables as essential to the UAE’s development strategy. “As the UAE’s development bank, our aim is to forge purpose-driven partnerships aligned with the UAE Net Zero by 2050 Strategy,” he stated. “Our innovative financial solutions are crafted to encourage global businesses to maximize investments in clean energy. By supporting stakeholders, we aim to enhance the nation’s energy infrastructure and integrate cutting-edge technologies for a sustainable future.”
As per the press release, the event’s significance was further underscored by Mr. Neeraj Gandhi, Senior Vice President of Product Development for micro, small, and medium enterprises (mSMEs) at EDB. He participated in a panel discussion titled “Financing the Energy Transition in the MENA Region: Role of Governments and Private Sector,” alongside industry leaders including Ms. Line Bitar from ACWA Power, Ms. Shamma Al Rabeea from the Abu Dhabi Department of Energy, and Mr. Adrian Kershaw from SWS Holding. The panel highlighted the critical importance of both international and regional collaboration in financing mechanisms that support the MENA region’s energy transition, stressing the need for partnerships to close financial gaps and accelerate decarbonization efforts.
In line with government priorities, EDB is committed to promoting a clean and sustainable economy. The bank has set a goal of providing AED 30 billion in financing support to 13,500 companies across its five priority sectors—food security, renewables, manufacturing, technology, and healthcare—by 2026.
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