Emirates Development Bank appoints new chief executive

Ahmed Al Naqbi will lead the lender's new growth strategy as it aims to support the growth of the country's industrial sector

The Emirates Development Bank held its fourth board meeting on Thursday. Courtesy EDB

Emirates Development Bank appointed Ahmed Al Naqbi as its new chief executive to lead the lender's new strategy that will provide financing to buttress the UAE industrial sector's expansion over the next five years.

The appointment was made following a board meeting on Thursday, which reviewed the state-backed bank’s new strategy and objectives that were announced by the UAE government in April.

“With his progressive leadership qualities and extensive banking experience, particularly in driving digitisation and operational efficiencies, we are confident that Mr Al Naqbi will play a pivotal role in furthering the bank’s strategic roadmap and EDB’s contribution to UAE’s economy,” Dr Sultan Al Jaber, chairman of the EDB board of directors and minister of industry and advanced technology, said.

The EDB aims to provide Dh30 billion ($8.17bn) in financing over the coming five years to support the UAE's efforts to more than double the size of the industrial sector in the coming decade. It will fund industries such as health care, infrastructure, food security and technology and help generate 25,000 jobs.

As part of his job, Mr Al Naqbi – who has over 15 years of experience in the UAE's banking sector – will be responsible for driving EDB’s products and service development by adopting advanced technology solutions. He will also be responsible for easing access to finance for individuals, SMEs, start-ups as well as corporates in priority industry sectors, according to EDB.

The board also reviewed the bank’s first-quarter 2021 performance and its future roadmap during its meeting.

It underlined the important role that EDB plays in supporting the UAE’s industrial growth, the adoption of advanced technology, enhancing the role of SMEs in the economy and in promoting innovation and entrepreneurship.

“The formula of EDB’s success relies on key fundamental elements including best-in-class governance, operational efficiencies, a customer-centric approach, proactive business development and a ‘can-do’ culture that understands the critical role the bank plays in achieving our leadership’s objectives,” Dr Al Jaber, said.

The board meeting was attended by Ahmad Al Falasi, EDB deputy chairman and minister of state for entrepreneurship and SMEs, Younis Khoury, undersecretary of the ministry of finance, Mohammed Al Suwaidi, director general of Abu Dhabi Fund for Development and others.

EDB was founded in 2011 after a merger between the Emirates Industrial Bank and the Real Estate bank.