Emirates Development Bank (EDB), the key financial engine of economic development and industrial advancement in the UAE, has unveiled a record increase in total financing since the launch of EDB’s strategy in 2021 to AED10.4 billion, bringing its cumulative contribution to the nation’s industrial GDP impact to AED4.9 billion.
EDB’s three-year performance results showcase transformative progress driven through strategic focus and support for the key priority sectors crucial to the UAE’s national development agenda. This included 665 percent increase in cumulative financing to SMEs reaching a total of AED3.4 billion, as well as a surge of 2,942 percent in large corporate loans reaching AED5.5 billion in cumulative financing in the three-year period. Financing through the bank’s Credit Guarantee Scheme with partner commercial banks achieved a remarkable growth in financing, amounting to AED1.4 billion.
Results also revealed the Bank’s contribution to the creation of 18,606 industrial jobs in the UAE, reflecting EDB’s commitment to propelling job creation and business growth.
These results underscore EDB’s substantial impact on the nation's priority economic sectors, reflecting its pivotal role in the UAE's vision for industrial diversification and sustainable growth.
Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Chairman of the EDB Board, highlights EDB's crucial role in UAE's economic growth, supporting non-oil GDP diversification. With AED10.4 billion financing since April 2021, EDB focuses on SMEs and key sectors, aiming to empower 13,500 companies by 2026.
CEO Ahmed Mohamed Al Naqbi emphasizes EDB's commitment to driving innovation and sustainability, offering diverse financial solutions from trade finance to FDI attraction. Notably, EDB's efforts from 2021 to Q1 2024 demonstrate its progressive stance in bolstering UAE's economic development agenda, with plans to further enhance business empowerment through ongoing innovation.
EDB has a mandate to provide AED30 billion in financing support to 13,500 companies within five sectors – manufacturing, food security, healthcare, technology, and renewables - by 2026. In line with this, 46 percent of the Bank’s cumulative financing since the launch of its strategy has empowered the manufacturing sector, reinforcing its crucial role in the UAE's economy. The renewables sector, vital for the UAE’s sustainable future, has received 21 percent of EDB’s cumulative financing, a clear indicator of the Bank’s commitment to sustainable development.
News Source: Emirates News Agency
