Officials and participants during the Global Trade Review Mena 2024 in Dubai.

Emirates Development Bank (EDB), the key financial engine of economic development and industrial advancement in the UAE, underscored its pivotal role in fostering sustainable, self-reliant economic growth across key sectors during Global Trade Review Mena 2024 (GTR Mena) at Jumeirah Emirates Towers in Dubai.

During the event, EDB highlighted its cutting-edge supply chain finance and trade finance solutions designed to support UAE companies and bolster their growth. With over 900 market leaders and a spectrum of companies in trade and exports in Mena, the bank showcased its contributions to the region’s trade and export landscape.

Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, commented: “In the dynamic global trade and exports space, trade and supply chain finance are key catalysts of business growth and international expansion. Participating in the GTR MENA event, we are highlighting our specialised solutions in trade financing, working capital, and supply chain finance designed to help businesses optimise their operations and facilitate sustainable growth within the dynamic global marketplace. Our presence at this event demonstrates our commitment to enhancing trade and supply chain finance mechanisms to create a stronger and more sustainable economy and bolster the UAE’s non-oil GDP.”

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

During the panel, Shaker Zainal talked about EDB’s innovative supply chain finance solutions which aim to bridge working capital gaps and create a stronger marketplace with a resilient supply chain. 

Meanwhile the Abu Dhabi Exports Office (ADEX), an export-financing arm of Abu Dhabi Fund for Development (ADFD), has debuted at the GTR MENA conference as one of its main sponsors. The event, now in its 24th edition, was held in Dubai on February 20 and 21. The long presence of the event in the region highlights the conference’s value as a platform for building connections, exchanging insights, and engaging in meaningful dialogue on export and trade.

Reflecting on the anticipated outcome of ADEX’s participation, Khalil Al Mansoori, the Acting Director General of ADEX, said: “We are delighted to be part of the GTR MENA as it presents an excellent opportunity for us to share our vision for the growth and expansion of the UAE’s export sector. As we embark on this journey, we look forward to exploring new collaborations and partnerships that will drive innovation and growth in our export sector.”

He explained ADEX’s role in expanding the UAE’s export sector as part of the entity’s core mandate to support the country’s effort to diversify its economy. He also pointed out that ADEX fills a crucial gap in the export financing sector, complementing the roles of other entities such as the UAE’s commercial banks and export credit insurance agencies. “While banks provide exporter funding and ECAs offer insurance, ADEX offers buyers credit financing, ensuring a comprehensive export financing cycle with each party in the cycle complementing other’s role.” he said.

The conference explored topics ranging from post-oil trade dynamics to MENA’s potential as a supply chain finance hub, corporate cash management strategies, state-backed support for strategic commodity supply, advancements in paperless trade through the Electronic Trade Documents Act, and upcoming trends in trade and supply chain innovation.