Banking on the Future: Ahmed Al Naqbi, EDB CEO on powering the UAE’s industrial transformation

As the UAE accelerates its transition toward a diversified, innovation-led economy, financial institutions are playing an increasingly strategic role in shaping the nation’s industrial future. At the forefront of this transformation is Ahmed Al Naqbi, Chief Executive Officer of Emirates Development Bank (EDB), which has emerged as a key catalyst for industrial growth, SME empowerment, and economic resilience. In this interview with Gulf News, Al Naqbi outlines EDB’s vision for supporting the UAE’s priority sectors, strengthening local manufacturing and innovation, and enabling Emirati entrepreneurs through agile financing, strategic partnerships, and future-focused development initiatives aligned with the nation’s long-term ambitions.

The following is the full interview with Ahmed Al Naqni 

1. What are the key pillars of Emirates Development Bank's strategy to support the UAE national economy in the coming phase?

Emirates Development Bank (EDB) operates as the key financial engine for the UAE's economic diversification and industrial transformation. Our strategy is built on providing patient capital and fast financing to sectors that are essential for the nation's future. The key pillars of our strategy focus on backing five priority sectors: manufacturing, food security, advanced technology, renewable energy, and healthcare. We are dedicated to ensuring that businesses have the liquidity they need to operate smoothly, which is why we are currently deploying an average of AED 20 million in financing every single day to support current market needs.

Furthermore, our strategy focuses on attracting commercial capital by stepping in first and taking on the early risks in industrial projects, which encourages private banks and investors to follow with confidence. Over the last five years, EDB has accounted for 30% of the growth in lending to industrial sectors, mobilizing over AED 75 billion in industrial capital expenditure. Ultimately, our goal is to build an industrial base so strong and deeply integrated that it ensures the UAE's economic resilience for decades to come.

 The bank tole and the UAE's bision

2. How does the Bank's role align with the UAE's vision of building a sustainable, diversified, and innovation-driven economy?

EDB's role is fully aligned with the UAE's vision, particularly Operation 300bn, which aims to grow the industrial sector's contribution to GDP from Dh133 billion to Dh300 billion by 2031. We act as a catalyst for this vision by directing capital into areas that drive sustainability and innovation. By focusing our financing on advanced technology and renewable energy, alongside our other priority sectors, we help transition the economy away from traditional models.

We also prioritize financing for manufacturers that demonstrate strong in-country value creation, companies that source locally, employ Emirati talent, and develop local supply chains. Since 2021, our financing has contributed Dh11.3 billion to the UAE's non-oil GDP and helped create over 41,000 industrial jobs. Looking ahead, our 10-year vision is to see fully localized value chains, a generation of Emirati industrial founders, and UAE-built products embedded in global supply chains, cementing 'Made in the Emirates' as a global mark of trust and quality.

 The most prominent programs and initiatives launched by EDB

 3. What are the most prominent programs and initiatives launched by the Bank to stimulate national industries and strengthen local content?

To stimulate national industries and strengthen local content, EDB has launched several high-impact programs, each tailored to specific strategic needs. We actively structure partnerships and programs that address distinct gaps in the industrial ecosystem, from local supply chain resilience to export readiness and sector-specific growth.

• National Industrial Resilience Fund (NIRF): A new AED 1 billion program launched with MoIAT and ADNOC. It provides targeted financing to mid-sized and large companies in essential supply chains, accelerating the localization of priority industries and linking procurement demand directly with financing. Up to 25 companies per year will be supported.

• ADEX Export Financing Framework: An AED 1 billion framework established with the Abu Dhabi Exports Office (ADEX) for UAE-based manufacturers. The initial Dh367 million tranche is currently supporting export readiness and helping businesses expand into international markets.

• Dubai Industrial City Partnership: Surpassed Dh1.3 billion in approved financing across 34 transactions for companies based in Dubai Industrial City, directly scaling industrial capacity and unlocking tailored financing solutions for local manufacturers.

• AgriTech Loans Program: A first-of-its-kind Dh100 million financing initiative designed specifically to support the country's vital food security sector, empowering farms, local growers, and food suppliers to adopt advanced agricultural technology.

 How does the bank support Emirati entrepreneurs?

4. What mechanisms does the Bank adopt to support SMEs and Emirati entrepreneurs?

SMEs and Emirati entrepreneurs are the backbone of the economy, and in 2025 alone, EDB provided Dh3.8 billion in SME financing. We adopt a wide array of mechanisms to ensure they have the capital and support they need to scale, addressing everything from long-term capital expenditure to immediate working capital needs and digital banking access.

1. Credit Guarantee Scheme (CGS): An Dh747 million initiative providing credit guarantees to partner commercial banks. It alleviates pressure on SMEs with limited credit history or collateral, facilitating small business loans and supporting international trade by assuring payment to exporters.

2. EDB 360 Digital Banking App: A comprehensive digital banking ecosystem built for startups and entrepreneurs. It offers fully digital onboarding within 48 hours, no minimum balance requirements, and allows businesses to apply for financing of up to AED 5 million directly through the app within 5 working days.

3. Zelo Supply Chain Finance Program: An Dh350 million program that accelerates payments on approved government and GRE invoices. It provides SMEs with up to 95% of their invoice value within 24 hours, solving critical working capital constraints and reducing 60-to-90-day payment delays.

5. What are the main criteria the Bank relies on when approving financing for SMEs?

When approving financing for SMEs, EDB focuses on disciplined financing that delivers structural national value. We look for alignment with our five priority sectors: manufacturing, advanced technology, healthcare, renewables, and food security. We also strongly consider the economic impact of the project, specifically prioritizing businesses that demonstrate high in-country value (ICV), such as sourcing locally, creating jobs, and contributing to domestic industrial capability.

To ensure we can deploy capital quickly and safely, we use robust credit risk analytics. We have recently liberalized our liquidity policy and reduced loan approval requirements, allowing us to respond swiftly to market demands and approve financing faster for businesses that meet these strategic criteria. Our approach is rooted in disciplined financing that delivers structural national value rather than volume-driven expansion.

Providing advisory, technical, and administrative support 

6. Does the Bank provide advisory, technical, or administrative support services in addition to financial funding?

Yes, EDB goes beyond just providing financing by offering comprehensive non-financial support to ensure businesses succeed. We position EDB at the center of the national entrepreneurial ecosystem, ensuring founders have access to the knowledge, networks, and technical expertise required to build globally competitive enterprises.

Supporting program: 

a. EDB 360 Support to Connect Customers with EDB’s Partnership Ecosystem: An initiative designed to support EDB 360 customers by connecting them with EDB’s wider partnership ecosystem, including relevant government entities, industry stakeholders, and service providers. The initiative aims to help businesses access valuable resources, explore potential market opportunities, and benefit from ecosystem support that can contribute to their growth and expansion.

b. MIITE Accelerator Program: A six-month program supporting early-stage industrial companies. It provides capability assessments, gap analysis, and tailored growth roadmaps covering operations, supply chain, and regulatory compliance, alongside masterclasses, bi-weekly mentorship, and investor engagement support. Approximately 11 UAE industrial startups graduated from the inaugural cohort.

c. AGRIX Accelerator Program: A 20-week flagship accelerator program designed to transform the UAE's agricultural sector and support the National Food Security Strategy 2051. The program equips farmers, agribusinesses, and technology providers with access to advanced agricultural technologies, strategic business insights, and sustainable farming practices through expert-led workshops, hands-on training, and personalized mentorship. It also empowers smallholder farmers to improve agricultural efficiency and build a collaborative community focused on sustainable agriculture.

7. What are the key challenges currently facing SMEs in the UAE, and how is the Bank working to address them?

SMEs in the UAE face several structural challenges, and EDB has developed targeted solutions to address each of these barriers, ensuring that businesses can navigate the complexities of scaling and operating in a dynamic market.

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*. Key challenges: 

1. Working Capital Constraints: Money tied up in payment delays stifles growth. We solve this through our Dh350 million program with Zelo, advancing up to 95% of invoice payments within 24 hours, and through our broader Trade and Supply Chain Finance solutions.

2. Friction in Accessing Funds: Slow approval processes can hinder agility. We address this through the EDB 360 app, which allows for rapid digital onboarding and loan applications, and through our partnership with the Numou digital marketplace to streamline access.

An Ambitious Plan to Support 13,500 National Companies with AED 30 Billion During 2026

EDB was created to enable large, medium, and small businesses to drive economic impact in five national priority sectors: renewables; manufacturing; food security, advanced technology; and healthcare. The bank has plans to provide AED30 billion in financing support to 13,500 companies within those sectors by 2026. The broad influence of Ahmed Al Naqbi as a CEO is a product of the unique nature of EDB's mandate itself, as well as its significant financing scope and capacity to impact the UAE community at economic, social, and environmental levels. 

Al Naqbi spearheads the development of effective strategies and financing solutions that drive investments in the UAE's future. Under his leadership since 2021, the bank has been offering a patient debt approach with flexible pricing and tailored financing solutions to close lending gaps and maximise access to capital, especially for MSMEs. 

who is the  of Emirates Development Bank (EDB)?

In addition to leading EEDB, Al Naqbi active contributes to the UAE's economic future through his involvement in several key councils and committees. He is a member of the UAE’s Industry Development Council (IDC), and serves on the CEO Advisory Committee for the UAE Banks Federation (UBF), and the Board Advisory Committee for the Sharjah Entrepreneurship Centre (Sheraa). 

With two decades working in the financial and banking sectors,  Al Naqbi is a strategic thinker with a track record of financial and economic insight which established his reputation as a respected thought leader and active member of the UAE's business community. 

Prior to joining EDB, Al Naqbi served as managing director across retail, corporate, and investment banking at the National Bank of Abu Dhabi and First Abu Dhabi Bank. 

Al Naqbi is an alumnus of Harvard Business School and Virginia Tech’s School of Architecture and Urban Studies, USA.