Emirates Development Bank Board of Directors holds first meeting

Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, was selected as Deputy Chairman of the Bank

  

Abu Dhabi- The Emirates Development Bank’s (EDB) newly appointed Board of Directors, held its first meeting on Sunday led by its Chairman, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology.

During the meeting, Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, was selected as Deputy Chairman of the Bank.

Dr. Al Jaber began the meeting by welcoming the new Board members and stressing the importance of implementing the UAE leadership’s aspirations for the Bank and its critical role in realizing the UAE’s national priorities agenda.

The Board discussed the importance of revisiting the current strategy in order to enhance the Bank’s ability to contribute to the country’s industrial growth and economic diversification plans. The Board also discussed the importance of the Bank’s overall role in stimulating in country value, while also supporting Small and medium-sized enterprises, SMEs, and becoming a driver for innovation, development and entrepreneurship.

Dr. Al Jaber highlighted the key pillars of the strategy refresh saying, "The EDB strategy should address the needs of the post-Covid-19 economy by ensuring that it is playing a critical role in supporting the national economic agenda, becoming a key enabler and center of excellence for SMEs and Industry as well as 4IR integration, playing a key role in creating in country value, achieving a wider reach in markets and becoming a funder of choice for development initiatives." The Board also discussed the importance of ensuring institutional governance and the setting up of frameworks for effective and successful engagement and cooperation with relevant government and private sector entities.

The Emirates Development Bank will focus on creating new opportunities and expanding growth to effectively contribute to advancing the sustainable development of the national economy in preparation for the next fifty years.

© Copyright Emirates News Agency (WAM) 2020.

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