Emirates Development Bank Partners with Commercial Bank of Dubai to Bolster International Trade

Emirates Development Bank (EDB), the financial engine of UAE economic development and industrial advancement, and Commercial Bank of Dubai (CBD), the UAE-based bank, are joining forces to enhance international trade services. This collaboration will combine the client base and financial operational capabilities of the Emirates Development Bank with the advanced trade finance expertise of the Commercial Bank of Dubai, in an effort to unlock new growth opportunities for businesses across the UAE.As part of this strategic alliance, CBD will deliver a comprehensive suite of trade finance products and operational services to EDB’s clients. This initiative aims to help businesses expand their portfolios and grow in the international trade space.Key services will include handling Letters of Credit and Guarantees, as well as supporting foreign currency payments, ensuring a seamless and efficient trading experience.The official signing ceremony at CBD’s head office in Dubai was attended by Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, as well as Dr Bernd van Linder, CEO of Commercial Bank of Dubai.His Excellency Ahmed Mohamed Al Naqbi, commented: “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.”Fostering success in global tradeThis 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 enables 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.Dr Bernd van Linder, also 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 organisations. 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.”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 organisations’ dedication to driving innovation in transaction banking, ultimately facilitating secure, efficient, and seamless global trade for UAE companies.