Dubai, UAE – Emirates Development Bank (EDB), the key financial engine of UAE economic development and industrial advancement, and Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, have formally announced a strategic partnership aimed at enhancing international trade services. This collaboration will combine EDB's extensive client base and robust financial operational capabilities with CBD's advanced trade finance expertise, unlocking new growth opportunities for businesses across the UAE.

The official signing ceremony took place at CBD's Head Office in Dubai, attended by His Excellency Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, and Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai.

Under this strategic alliance, CBD will deliver a comprehensive suite of trade finance products and operational services to EDB's clients. This initiative is designed to empower businesses to expand their portfolios and excel in the international trade arena. Key services will include handling Letters of Credit and Guarantees along with supporting foreign currency payments, ensuring a seamless and efficient trading experience.

His Excellency Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, said, "We are pleased to partner with Commercial Bank of Dubai to offer innovative and comprehensive trade finance solutions. This partnership marks a significant milestone in enhancing our trade finance offering, supporting businesses across the UAE. By leveraging our combined expertise and resources, we are dedicated to forging strategic partnerships that will bolster the UAE's economic development and strengthen its position as a global hub for trade and investment."

Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, said, "We are delighted to join hands with EDB to embark on this journey that will bring new opportunities and growth for both of the organizations. This partnership highlights our shared vision of empowering businesses in the global trade landscape. Together, we will redefine standards and set new benchmarks for success."

This partnership signifies a critical advancement in the financial landscape of the UAE, positioning both EDB and CBD as leaders in facilitating international trade and economic competitiveness. The collaboration allows EDB to leverage CBD's extensive network and processing capabilities, offering clients a broader range of benefits. Meanwhile, CBD stands to gain increased volumes of trade business, opening new revenue streams and enhancing fee income.

The strategic alliance between EDB and CBD strengthens their commitment to providing comprehensive support for UAE businesses engaged in international trade. By combining EDB's expertise in trade finance and working capital solutions with CBD's robust financial capabilities, the partnership offers clients optimal support in mitigating risks and streamlining cross-border transactions. This collaboration demonstrates both organizations' dedication to driving innovation in transaction banking, ultimately facilitating secure, efficient, and seamless global trade for UAE companies.

About Emirates Development Bank:

Emirates Development Bank [EDB], the UAE’s development bank, is a key financial engine for the economic development and industrial advancement of the UAE. EDB provides financial and non-financial support to businesses of all sizes from start-ups, SMEs to corporates driving economic competitiveness across five strategic priority sectors: advanced technology, food security, healthcare, renewables, and manufacturing. EDB was established under Federal Law by Decree No. 07 of 2011 issued by the late Sheikh Khalifa bin Zayed Al Nahyan; and became operational in June 2015.  

For more details, visit www.edb.gov.ae  

About Commercial Bank of Dubai:

Commercial Bank of Dubai was established in 1969 and is registered as a Public Shareholding Company (PSC). The Bank is listed on the Dubai Financial Market and is mostly owned by UAE Nationals including the Investment Corporation of Dubai (ICD). Over the years, Commercial Bank of Dubai has built itself into a progressive and modern Banking institution, endowed with a strong financial structure and strong management, as well as a loyal and ever-increasing customer and correspondent base. Today CBD is one of the leading banks in the United Arab Emirates and offers its customers a full range of retail and commercial banking products and services. 

For additional information, contact CBD’s PR and Media team at PRandMedia@cbd.ae