Ahmed Mohamed Al Naqbi has been selected as one of the Top 34 GCC banking CEOs 2024.
Al Naqbi is a prominent figure in the UAE’s banking and finance industry, serving as the CEO of Emirates Development Bank (EDB), the nation’s only development bank.
EDB plays a pivotal role in driving economic diversification and industrial growth across the UAE. The bank is focused on supporting businesses in five national priority sectors: renewables, manufacturing, food security, advanced technology and healthcare. By 2026, EDB aims to provide AED 30 billion ($8.16 billion) in financing to 13,500 companies within these sectors, positioning itself as a key player in shaping the UAE’s economic landscape.
Under Al Naqbi’s leadership since 2021, EDB has implemented a “patient debt” approach, offering flexible pricing and tailored financing solutions. These strategies are designed to close lending gaps and enhance capital access, particularly for micro, small, and medium-sized enterprises (MSMEs). The bank’s mission extends beyond mere financial support; it aims to drive economic impact, foster industrial advancement and create long-term sustainability in line with national goals.
EDB’s cumulative total financing since the launch of its new strategy in 2021 has reached AED 11.14 billion ($3.03 billion), significantly contributing to the UAE’s industrial GDP with an impact of AED 5.5 billion ($1.49 billion). The bank has also supported capital expenditure (CAPEX) financing for industrial projects valued at AED 48 billion ($13.06 billion), greenfield projects worth AED 14 billion ($3.81 billion), and Foreign Direct Investment (FDI) projects totalling AED 6.8 billion ($1.85 billion). These figures underscore the bank’s commitment to bolstering the UAE’s status as a global hub for advanced industries and technology.
“By focusing on key sectors vital to the UAE’s future, we help build a robust and resilient economy capable of weathering global challenges.”
Ahmed Mohamed Al Naqbi
EDB’s influence goes beyond finance, as it is a key driver of job creation in the UAE. Since 2021, the bank has contributed to the creation of 22,000 industrial jobs through EDB-backed projects, reinforcing its role in supporting both business growth and employment in vital sectors. In the first half of 2024, the bank’s financing reached AED 3.6 billion ($980.1 million) across its five priority sectors, with AED 2 billion ($544.5 million) directed toward manufacturing. This focus on manufacturing accounted for 54% of EDB’s total financing in H1 2024.
Beyond EDB, Al Naqbi is an active contributor to the UAE’s economic development. He is a member of the UAE’s Industry Development Council (IDC). He serves on the CEO Advisory Committee for the UAE Banks Federation (UBF) and the Board of Advisors for the Sharjah Entrepreneurship Centre (Sheraa). Prior to his role at EDB, Al Naqbi held leadership positions at the National Bank of Abu Dhabi and First Abu Dhabi Bank.
