Emirates Development Bank Drives Sustainable Economic Growth, Championing AI and Innovation in Energy Transition at ADIPEC 2024

Emirates Development Bank (‘EDB’ or the ‘Bank’), the UAE’s key financial engine for economic development and industrial advancement, reinforces its commitment to sustainable development and the nation’s energy transition at ADIPEC 2024. Echoing the topics of this year’s edition, held under the theme of ‘Connecting Minds, Transforming Energy’, EDB is highlighting its role in supporting the transformative potential of emerging markets, artificial intelligence (AI), and the ongoing energy system transformation, recognizing the crucial need for cross-sectoral collaboration to achieve sustainable growth.

EDB provides financing within five strategic priority sectors: manufacturing, food security, advanced technologies, healthcare, and renewables, in line with the UAE’s sustainable development agenda. Since the launch of its new strategy in 2021, the Bank has made significant strides towards supporting projects that address the UAE’s evolving energy needs and promote the adoption of AI and innovative technologies to unlock the full potential of a sustainable energy future.

“The UAE stands at a pivotal moment in the global energy landscape, underpinned by a focus on innovation and sustainability,” said His Excellency Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB. “We are witnessing the convergence of powerful megatrends – the rise of emerging markets, the rapid advancement of AI, and the fundamental transformation of energy systems. These forces present both challenges and immense opportunities. At EDB, we believe that innovation and cross-sector collaboration are key to navigating this new phase of transition and achieving sustainable economic growth. We are committed to empowering businesses that are driving this transformation, particularly those leveraging the power of AI to create a cleaner, more efficient, and resilient energy sector. Our targeted financing approach, strategic partnerships, and tailored financing solutions are designed to support the UAE’s ambitious net-zero goals and consolidate its position as a global leader in the energy transition.”

EDB’s commitment to the UAE’s sustainable development and energy transition is reflected in its strategic focus on driving the growth of solar power as well AI and innovative technologies that accelerate the transformation of energy systems and supercharge a diversified, low-carbon economy. The Bank’s commitment to AI and innovation is further demonstrated through its AED 370 million “Artificial Intelligence in Industry Innovation Program,” designed to accelerate the adoption of cutting-edge technologies across various sectors, including energy.

Additionally, EDB’s dedication to renewable energy is evident in its strategic financing, including over AED 1.78 billion to support the renewables sector by the end of Q3 2024. The Bank’s Solar Energy Financing Program, providing AED 100 million in targeted support for solar projects, exemplifies its commitment to empowering businesses adopting cleaner energy solutions. Furthermore, EDB’s partnership with the International Renewable Energy Agency (IRENA), committing up to AED 1.3 billion to finance renewable energy projects, underscores its dedication to global collaboration in pursuit of a just and inclusive energy transition.

As part of ADIPEC 2024, hosted by ADNOC from 4-7 November in Abu Dhabi, EDB’s CEO His Excellency Ahmed Mohamed Al Naqbi and Chief Business Officer Shaker Zainal will participate, alongside representatives from the Ministry of Industry and Advanced Technology (MoIAT), in roundtable discussions about growth opportunities and business partnerships with India and China, respectively. Other EDB representatives will actively participate in panel discussions, engaging with industry leaders and experts on topics crucial to the future of energy. These discussions will further highlight EDB’s commitment to fostering innovative financing solutions and strategic partnerships that drive the UAE’s clean energy agenda.

Throughout the four-day event, EDB will showcase its specialized programs to accelerate the UAE’s energy transition and support the growth of AI within the energy sector at the EnergyAI by ADNOC Hall, which was newly introduced as a dedicated AI zone at ADIPEC to present breakthrough energy and AI solutions. Visitors to the EnergyAI by ADNOC Hall can meet EDB representatives and learn more about how the Bank is empowering sustainable energy initiatives through innovative financing solutions.