ABU DHABI, 2nd October, 2023 (WAM) — Emirates Development Bank (“EDB” or “the Bank”), the key financial engine of UAE economic development and industrial advancement, is presenting its developmental financing solutions to more than 160,000 delegates from 160 countries at ADIPEC 2023. Under the patronage of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, ADIPEC 2023 the world’s largest energy industry gathering, is hosted by ADNOC in Abu Dhabi from 2nd to 5th October under the theme of ‘Decarbonising. Faster. Together.’ ADIPEC is bringing together the best minds in energy and industrial manufacturing with the greatest technological advancements to accelerate the decarbonisation of the energy sector and the industries it serves. With energy transition, net zero and industrial decarbonisation taking center stage at the event’s discussions, EDB is using the show to present its financing solutions to drive support for the UAE’s energy transition, industrial growth and economic diversification. Th
e Bank allocated AED30 billion to support 13,500 SMEs in five priority sectors: Manufacturing, Renewables, Technology, Healthcare, and Food Security. Direct support of the manufacturing sector is a key element of that mission. Since the launch of the UAE Industrial Strategy ‘Operation 300bn’, EDB approved a total of AED3.15 billion in financing for the nation’s manufacturing industry. Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, said: “ADIPEC 2023 stands at the heart of global dialogue and collective sector action to decarbonise faster and future-proof the world’s energy system. We are joining world energy and industry leaders to highlight the need for greater investment and reliable financing solutions to enable the transition to renewables and support the decarbonisation of hard-to-abate industries. Renewables has become a key focal area this year, the UAE Year of Sustainability, and the year the nation hosts the crucial COP28 climate talks. Our support for businesses and pr
ojects addressing the challenges and opportunities in the renewables sector solidifies the nation’s position as a pioneering global hub for clean energy technology and manufacturing. We are also cultivating a favourable business environment through bespoke financing solutions for businesses working in the renewables sector and those willing to shift to solar energy to drive further efficiencies in their operations.” EDB has played a pivotal role as the Initial Mandated Lead Arranger (IMLA) and Senior Hedging Bank, collaborating with other prominent financial institutions, in the financing of the substantial AED8.8 billion sustainable water project between ADNOC and TAQA, in partnership with the consortium of Orascom and Metito. The project’s aim is to provide a significant 110 MIGD nano-filtered seawater source, along with an extensive network of distribution pipelines, dedicated to supporting ADNOC’s onshore operations. “This transaction shows how the transformative power of finance is an indispensable force
steering the nation towards a greener, more resilient energy paradigm. EDB remains committed to supporting the nation’s sustainability drive through supporting such immense projects,” added Al Naqbi. EDB offers flexible financing, a patient debt approach and tailored financing solutions that can extend up to 100 percent loan-to-value (LTV) ratios, offer longer tenors of up to 15 years, and include grace periods of up to two years. For renewable energy projects in the UAE, the Bank can offer finance up to 100 percent of the project value with a maximum tenor of 15 years and a two-year grace period. EDB has recently launched a new first of its kind Solar Energy Finance Program which will allocate AED100 million to bolster the adoption of green energy solutions, focusing on solar energy initiatives. Al Naqbi will participate in a key strategic panel: ‘Financing industries of the future: the role of SMEs in driving economic progress’ at ADIPEC on Tuesday, 3 October. He will be joined by Raja Al Mazrouei, CEO, Et
ihad Credit Insurance (ECI); Dr. Palat Menon, Founder and CEO, AstraGene; Fahmi Al Shawwa, CEO, IMMENSA; and Haitham Al Subaihi, Acting Executive Director of Business Development and Promotion, Abu Dhabi Investment Office (ADIO). Together they will spotlight the correlation between capital financing trends and advanced manufacturing in the UAE and globally, and how supporting SMEs can transform an industrial sector and deliver competitive economic growth. In addition, the EDB’s Chief Executive Officer will participate in two CEO Roundtables organised by the Ministry of Industry and Advanced Technology (MoIAT) on the sidelines of ADIPEC. The MoIAT Germany Roundtable on 3rd October and the MoIAT Russia Roundtable on 4th October will be chaired by Omar Al Suwaidi, Undersecretary of MoIAT and will convene representatives of UAE government entities and leading energy and manufacturing industry companies from the UAE and each of the two countries to discuss future investment opportunities and prospects of collabora
tion to drive energy transition and new technologies for industrial decarbonisation. From its booth M08 at Hall MI (Manufacturing and Industrialisation), EDB will showcase its portfolio of financing solutions and bespoke programmes to enable the UAE’s economic development and national security strategies and support its commitment to achieve net-zero energy emissions by 2050.
Source: Emirates News Agency