Abu Dhabi: Senior officials from the UAE and Saudi Arabia met on Thursday to discuss areas for collaboration to support companies and entrepreneurs in the two countries.
At a high-level meeting between the Emirates Development Bank and Saudi Arabia’s Social Development Bank in Abu Dhabi, the two organisations also shared strategies to support economic diversification agendas of their countries.
In his comments on the visit, EDB CEO Ahmed Mohamed Al Naqbi reiterated the close business and economic relations between the UAE and Saudi Arabia, and their efforts to expand areas of cooperation across sectors.
“The UAE and Saudi Arabia have strong trade and economic relations, accounting for more than half the region’s imports and exports. As banks, we have a responsible role to play in this development process by creating more opportunities for commercial and investments across both the countries,” Al Naqbi said.
“The visit of Saudi Arabia’s Social Development Bank is part of our efforts to exchange our knowledge and experiences with our partners in other countries. We presented our strategic roadmap and its envisioned goals and explored opportunities to collaborate on joint projects, including innovation, to ensure economic prosperity across both the UAE and KSA,” he added.
During the visit, the EDB team also showcased its strategy and approach as the financial enabler of UAE government’s ‘Operation 300bn’ programme, aimed at supporting the country’s industrial growth and economic diversification plans. Within this, EDB has allocated Dh30 billion to finance over 13,500 SMEs, startups, and corporates in priority sectors in next decade.
