Emirates Development Bank (EDB) has signed a Memorandum of Understanding (MoU) with Food Tech Valley, which is being developed by Dubai-based wasl Asset Management Group, to provide financing solutions to SMEs and start-ups operating within the project.
Food Tech Valley, an initiative focused on food, innovation, knowledge, technology and sustainability, is set to attract tech-based entities in the agriculture and food production sectors. Its goal is to serve as a hub for future clean tech-based food and agricultural products, significantly disrupting traditional food systems through its emphasis on sustainability and resource conservation.
The agreement was signed by Mr. Hesham Al Qassim, CEO of wasl Asset Management Group and Mr. Ahmed Mohamed Al Naqbi, Chief Executive Officer of the EDB, at wasl’s headquarters, in the presence of other senior officials from both entities.
Under the MoU, both parties have agreed to support any tech-based pioneers operating, or seeking to operate, in the project with financing solutions, roadshows, seminars, mentorships and knowledge transfer.
“We are pleased to sign this agreement with EDB that will provide its financial expertise and support existing and potential companies with all their financial needs. The partnership will further boost the government’s vision of diversifying the economy by encouraging tenants to set up their businesses at Food Tech Valley. It also aligns with the UAE’s National Food Security Strategy 2051, and we are confident that all the partners on board will help attract local and foreign direct investments within the field to achieve the government’s mission of transforming the UAE into a global hub for tech-based food and agricultural solutions.”
Mr. Al Naqbi said that “This agreement is in line with our efforts to support economic diversification and sustainable growth in the UAE and cement the UAE’s position as a vibrant, enabling hub for businesses in key sectors. It is also fully aligned with the UAE’s National Food Security Strategy 2051 by implementing resilient agricultural practices that increase productivity.”
The goal is to encourage and support new agricultural technologies by bridging global and local knowledge in the field and forming a collaborative network to lead regional transformation and knowledge export towards a more sustainable food system. Food Tech Valley will serve as a catalyst for transforming the UAE, especially Dubai, into a hub for future clean tech-based food and agricultural products.