EDB highlights trade and supply chain finance solutions at GTR MENA 2024

Emirates Development Bank (EDB)the key financial driver of economic development and industrial advancement in the UAE, underlined its pivotal role in fostering sustainable and self-sustaining economic growth in key sectors during MENA World Trade Review 2024 (GTR MENA) at Jumeirah Emirates Towers in Dubai.

During the event, EDB highlighted its cutting-edge solutions for supply chain finance and trade finance designed to support UAE businesses and drive their growth. With more than 900 market leaders and a spectrum of companies engaged in trade and exports in MENA, the Bank showcased its contributions to the region’s trade and export landscape.

Ahmed Mohamed Al Naqbi, CEO of the Emirates Development Bankcommented,

“In the dynamic global trade and export space, trade and supply chain finance are key catalysts for business growth and international expansion. By participating in the GTR MENA event, we are highlighting our specialist trade finance, working capital and supply chain finance solutions designed to help businesses optimize their operations and facilitate sustainable growth within the dynamic global market. “Our presence at this event demonstrates our commitment to improving trade and supply chain finance mechanisms to create a stronger, more sustainable economy and bolster the UAE’s non-oil GDP.”

In a panel discussion titled ‘Public Sector Supply Chain Financing’, EDB Chief Commercial Officer Shaker Zainal shared the stage with Bhriguraj Singh, GTRF Product Director at HSBC, and Simon Cook, Partner at Sullivan & Worcester UK , to explore the changing landscape of public sector supply chain financing in the MENA region. The dialogue focused on the evolution of supply chain financing in the MENA region and its role in reducing financing costs and improving efficiency for companies and suppliers.

During the panel, Shaker Zainal talked about EDBInnovative supply chain financing solutions that aim to close working capital gaps and create a stronger market with a resilient supply chain.

EDBThe commitment aims to unlock the potential of large corporations and SMEs by providing them with tools and resources to address the challenges of working capital, global trade and cash flow management effectively. In 2023, the Bank announced new working capital and supply chain financing solutions for SMEs in collaboration with Trade Capital Partners. The partnership underlines BED’s commitment to supporting SMEs and its belief in the resilience of the SME community which constitutes more than 94 per cent of the total private sector businesses in the UAE and accounts for around 50 per cent of employment.

EDBThe booth featured the Bank’s supply chain financing, trade finance and working capital solutions, as well as its wide range of flexible financing solutions and customized programs.

News source: Emirates News Agency