The event, which will take shape in Dubai from September 20 to 21, 2023, brings together significant regional and global actors in the food business to support the food sector’s sustainable future in the MENA region.
United Arab Emirates: Dubai The 5th yearly Future Food Forum is being attended by Emirati the Development Bank , which is the primary financial driver of the UAE’s economic growth and industrial innovation, demonstrating its dedication to the country’s food security.
The event, which will take place in the city of Dubai from September 20 to 21, 2023, brings together significant regional and global actors in the food business to support the food sector’s sustainable future in the MENA region.
One of the EDB’s five priority sectors, food security is crucial to the UAE’s ambitions for economic diversification and national growth. The Bank offers considerable monetary assistance as well as specialized solutions to improve regional tech-driven food production. To inject much-needed money into the agritech sector, EDB recently introduced a special AgriTech Loans Program. The initiative intends to offer crucial assistance to regional manufacturers, farmers, agricultural companies, and food-related projects in the form of favorable, longer-term loans with tenors up to AED5 million.
According to Ahmed Al Naqbi, the CEO of Uae Development Bank, “food security is at the top of our priority as the development bank for the UAE and a crucial economic engine driving national economic development. We want to help the United Arab Emirates National Food Security Program 2051 achieve its goals by providing increased financial support to firms, providing specialized agritech loans, forming alliances with start-ups, and working with other important players. Our actions are a reflection of our dedication to strengthening the nation’s agricultural sectors and capacity for food production. allowing the UAE to lead the region in both industries.
“We can showcase our flexible finance offerings to the appropriate audience on the Future Food Forum.Additionally, we are eager to learn more about the present and foreseeable challenges that the industry of food security faces and to urge for increased cooperation among government stakeholders, regional producers, and value-added resellers, which is essential for a healthy food ecosystem.
support the National Food Safety Strategy 2051 of the UAE and encourage the adoption of cutting-edge farming methods and technologies. EDB has a number of collaborations in place. Among them is a collaboration with the Entrepreneurial Nation project of the United Arab Emirates Ministry of Economy to promote the Smart Agriculture Global Innovation Challenge, an initiative that aims to maximize the digitalisation of agriculture for businesses operating in the UAE and around the world.
Additionally, EDB and Food Tech Valley have a contract in place for EDB to offer financial assistance to businesses engaged in the initiative. Upcoming clean technology-based agricultural and food goods are developed in Food Tech Valley, a center for innovation. In an effort to promote agritech entrepreneurship and improve the food security of the UAE, EDB has also entered into a cooperation with the country’s Ministry of Climate Change and the Environment (MOCCAE) to establish a program that will provide funding solutions to contemporary agricultural SMEs and startups.
EDB has an obligation to authorize AED30 billion in funding support to 13,500 businesses within its five priority sectors, which include food security, renewable energy, manufacturing, technology, and healthcare. Aligned with the government’s objectives, EDB continues to fulfill its goal of promoting a healthy, environmentally friendly, and self-reliant economy.