Emirates Development Bank (EDB) has announced its impressive full-year results for 2024, highlighting its essential role in advancing the UAE's economic diversification and resilience.
The Bank’s financing efforts since the launch of its transformational strategy in 2021 have reached AED 15.7 billion, contributing AED 7.4 billion to the UAE's industrial GDP by the end of 2024.
Notable achievements include the mobilisation of AED 50.2 billion in CAPEX financing, which supported AED 15 billion in greenfield projects and facilitated AED 7 billion in Foreign Direct Investment (FDI). EDB's efforts have also led to the creation of 28,000 industrial jobs across the UAE.
Dr. Sultan Ahmed Al Jaber, Chairman of EDB, stated,
"EDB's growth is aligned with the vision of the leadership, driving sustainable industrial sector growth and enhancing the UAE's attractiveness for investment."
CEO Ahmed Mohamed Al Naqbi added,
"2024 marked a defining year with AED 8.7 billion in financing, reflecting significant progress in industrial development and job creation."
In 2024, the Bank maintained a strategic focus on manufacturing, advanced technology, and renewable energy, with AED 4.23 billion allocated to the manufacturing sector, 49% of its total financing. Additionally, EDB introduced innovative solutions like "EDB Smart Connect," which has onboarded over 50 clients, emphasizing its digital-first approach.
EDB’s performance has been recognised with an AA credit rating by S&P Global, the highest among UAE and MENA financial institutions, further solidifying its strategic importance in the country’s economic transformation. Moving forward, EDB aims to continue accelerating the UAE’s economic agenda, with plans to reach AED 23 billion in financing in 2025.
News Source: Emirates News Agency
