4th EDB Connect Forum Champions Strategic Partnerships For Ras Al Khaimah's Economy

Emirates Development Bank (EDB) recently organised the fourth edition of its EDB Connect forum series at Mövenpick Resort - Al Marjan Island in Ras Al Khaimah (RAK). The event, in collaboration with the Ministry of Industry and Advanced Technology’s "Make it in the Emirates" initiative, brought together key stakeholders from government and private sectors to promote cooperation and drive economic growth in the UAE.

Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, highlighted EDB Connect as a crucial platform for discussing economic trends and fostering collaborations. He stated, "We recognise Ras Al Khaimah as a critical component in the national development journey. Today's event showcased our collective efforts as partners driving significant economic impact for the emirate and the broader UAE. The consistent year-over-year increase in our financing underscores the success of our partnership-driven approach and our strategic focus on driving innovation and industrial growth to support the UAE's vision of a diversified and resilient economy."

During the forum, EDB announced two strategic agreements aimed at accelerating industrial business growth in Ras Al Khaimah. One agreement was signed with Ras Al Khaimah Chamber of Commerce, while the other was with Ras Al Khaimah Economic Zone (RAKEZ). These agreements are expected to foster a more conducive environment for industrial development in the emirate.

Dr. Abdul Rahman Al Shayeb Al Naqbi, Director-General of the Department of Economic Development in Ras Al Khaimah, praised EDB's coordination efforts between local and federal entities. He noted that such forums provide valuable opportunities to learn about supportive programs from federal and local authorities aimed at driving economic growth and achieving national diversification goals.

The forum featured insightful panel discussions on various topics. Shaker Zainal, Chief Business Officer of EDB, moderated a panel titled "Driving Sustainable Growth: Nurturing an Attractive Business and Investment Environment in Ras Al Khaimah." This panel explored strategies necessary for fostering economic development in RAK.

The second panel discussion focused on "The Role of Public-Private Partnerships in Advancing Ras Al Khaimah’s Economy and Industrial Scene." It examined how synergies between public and private sectors can drive economic and industrial growth within the emirate.

Commitment to Economic Collaboration

Mohamed Ali Musabbeh Al Nuaimi, Chairman of Ras Al Khaimah Chamber of Commerce and Industry, emphasised that the initiative aligns with the Chamber's approach to fostering collaborations with local and international partners. He added that banking entities play a pivotal role in propelling economic development and prosperity in RAK. The partnership reflects both entities' commitment to strengthening cooperation, benefiting the business community, and unlocking investment opportunities locally, regionally, and internationally.

The event also featured industry leaders from various sectors including representatives from the Ministry of Industry and Advanced Technology; Ministry of Economy; Ras Al Khaimah Chamber of Commerce; RAKEZ; Supreme Committee of RAK SME; Etihad Credit Insurance; ADEX; and RAK BANK. Their participation underscored the collaborative spirit essential for achieving economic diversification goals.

The forum concluded with an award ceremony recognising key stakeholders and strategic partners who have significantly contributed to RAK's economic development. This gesture highlighted their invaluable contributions towards fostering a competitive and diversified economy within the emirate.

With inputs from WAM