Emirates Development Bank (EDB) has recently signed two strategic agreements in Ras Al Khaimah. One agreement was with the Ras Al Khaimah Chamber of Commerce, while the other was with the Ras Al Khaimah Economic Zone (RAKEZ). These agreements are aimed at accelerating the growth of industrial businesses in the emirate, showcasing a commitment to fostering a thriving industrial sector within the UAE. The partnerships were signed at the fourth edition of the EDB Connect forum series, held in partnership with the Ministry of Industry and Advanced Technology’s “Make it in the Emirates” initiative. The event brought together key stakeholders from government entities and private sector companies to drive economic growth and diversification in the UAE.
The EDB Connect forum had the theme “Forging Partnerships for a Competitive and Diversified Ras Al Khaimah Economy.” The event included panel discussions, a fireside chat, and networking opportunities for industry leaders to discuss trends and policies shaping the future of Ras Al Khaimah’s economy. During the event, Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, highlighted the importance of EDB Connect as a platform to discuss economic trends and foster collaborations aligned with Ras Al Khaimah’s economic goals and the nation’s future growth trajectory. He emphasized the success of their partnership-driven approach and strategic focus on driving innovation and industrial growth to support the UAE’s vision of a diversified and resilient economy.
Dr. Abdul Rahman Al Shayeb Al Naqbi, director general of the Department of Economic Development in Ras Al Khaimah, commended EDB for coordinating meetings between local and federal entities and between the private and public sectors. He stressed the importance of forums like EDB Connect in providing valuable insights into the programs and efforts of federal and local authorities to drive economic growth and achieve national economic diversification goals. Dr. Naqbi highlighted the significance of continuous communication and exchanges of perspectives with stakeholders from both sectors, as this collaboration is essential for fostering business growth and diversifying the local economy.
Mohamed Ali Musabbeh Al Nuaimi, chairman of the Ras Al Khaimah Chamber of Commerce and Industry, emphasized the initiative’s role in fostering collaborations with local and international partners, particularly banking entities. These partnerships play a crucial role in propelling economic development and prosperity in Ras Al Khaimah. He also mentioned that the partnership encourages banks to offer distinctive financing services and products to support economic sectors in the emirate. By strengthening understanding and cooperation, both entities aim to benefit the business community and unlock investment opportunities for companies locally, regionally, and internationally. Overall, the initiative underscores the commitment to supporting economic growth and prosperity in Ras Al Khaimah.
In conclusion, the strategic agreements signed by Emirates Development Bank in Ras Al Khaimah reflect a shared commitment to accelerating the growth of industrial businesses in the emirate. The partnerships with the Ras Al Khaimah Chamber of Commerce and RAKEZ aim to foster a thriving industrial sector within the UAE and drive economic growth and diversification. Through events like the EDB Connect forum series, key stakeholders from government entities and private sector companies come together to discuss economic trends, foster collaborations, and drive innovation to support the UAE’s vision of a diversified and resilient economy. The importance of continuous communication and collaboration between stakeholders from both sectors is highlighted as essential for addressing key challenges, fostering business growth, and diversifying the local economy in Ras Al Khaimah.
