Emirates Development Bank partners with Ministry of Economy in support of food security

Emirates Development Bank partners with Ministry of Economy in support of food security

ABU DHABI, 13th April, 2023 (WAM) – Emirates Development Bank (EDB), a key financial engine for the economic development and industrial advancement in the United Arab Emirates (UAE), has partnered with the UAE Ministry of Economy’s Entrepreneurial Nation to support the Smart Farming Global Innovation Challenge, in line with the Bank’s commitment to the UAE’s sustainable economic development and food security – one of EDB’s five priority sectors that play a vital role in strengthening the economic resilience and competitiveness of the country.

The Smart Farming Global Innovation Challenge seeks to optimize the digitalization of agriculture and is open to organisations both in the UAE and globally. Companies seeking to participate in the challenge will need to employ no fewer than three members of staff and no greater than thirty, and are required to specialise in agritech, with a proven track record of having developed an existing prototype or a minimum viable product. The winning proposal for the challenge will receive a contract to build and deliver the solution, as well as the support for its trial in the UAE.

Commenting on the collaboration, Ahmed Mohamed Al Naqbi, Chief Executive Officer at Emirates Development Bank, said, “Our partnership with the Ministry of