Emirates Development Bank Drives Economic Growth in Fujairah with Focus on Innovation and Partnerships

Emirates Development Bank (EDB), a cornerstone of the UAE’s economic and industrial progress, hosted the sixth edition of its flagship EDB Connect forum in Fujairah. The event brought together key stakeholders, including government officials, private sector leaders, and financial experts, to discuss strategies for economic diversification, innovation, and sustainability in the emirate.

Advancing Fujairah’s Economic Potential

Under the theme “Catalyzing Sustainable Growth: Fujairah’s Pathway to Economic Diversification and Innovation”, the forum explored key growth areas such as manufacturing, renewable energy, food security, advanced technology, and healthcare. It emphasized the importance of public-private partnerships in accelerating sustainable development aligned with the UAE’s long-term vision.

Key Highlights from the Event

• Strategic Partnerships: EDB’s CEO, H.E. Ahmed Mohamed Al Naqbi, highlighted the bank’s role in fostering collaboration, enabling business growth, and driving innovation to support the UAE’s economic goals.
• Industrial and Tourism Growth: H.E. Sultan Jemei Al Hindasi, Director General of the Fujairah Chamber of Commerce and Industry, underscored the emirate’s progress in industrial development, tourism, and leveraging natural resources. Notable achievements include the Port of Fujairah and the Fujairah Oil Industry Zone (FOIZ), both pivotal to global oil storage and trade.
• Economic Contribution: The industrial sector now accounts for over 22% of Fujairah’s GDP, with ongoing government initiatives to attract investment and diversify the economy.

Panel Discussions

1. Driving Growth in Key Sectors:
   Moderated by Shaker Zainal, EDB’s Chief Business Officer, this session explored strategies to boost Fujairah’s industrial and innovation capabilities. Panelists included:

   • H.E. Mohammed Obaid Bin Majed, Director General of the Fujairah Department of Industry and Economy.
   • H.E. Sharief Al Awadhi, Director General of Fujairah Free Zone Authority.
   • Experts from the Ministry of Industry and Advanced Technology (MoIAT).

   They discussed targeted investments and how Fujairah’s resources and infrastructure can elevate its competitive edge across critical sectors.

2. Financing Growth and Innovation:
   This session addressed financial frameworks and strategies to support businesses. Speakers included:

   • Adnan Anwar, CEO of National Bank of Fujairah.
   • Faisal Al Suwaidi, Sales Manager at Etihad Credit Insurance.
     Discussions focused on innovative financing, de-risking mechanisms, and inclusive financial support to ensure sustainable growth.

Awards and Recognitions

The event concluded with an awards ceremony honoring strategic partners for their contributions to Fujairah’s economic transformation.