Emirates Development Bank (EDB) has reported exceptional results for the first half of 2024, significantly impacting the UAE’s economy.
Since launching its new strategy in April 2021, EDB’s total financing has reached AED 11.14 billion, demonstrating its commitment to vital sectors in line with the national development and diversification agenda. This milestone has boosted EDB’s contribution to the UAE's industrial GDP by AED 5.5 billion since 2021.
EDB has supported capital expenditure financing of industrial projects valued at AED 48 billion, greenfield projects worth AED 14 billion, and foreign direct investment projects worth AED 6.8 billion, reinforcing the UAE's position as a global hub for advanced industries and technology. These efforts have also led to the creation of 22,000 industrial jobs through EDB-backed projects.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of EDB, emphasized the bank’s role in economic growth.
"The H1 2024 performance results demonstrate our commitment to enabling key industrial sectors and supporting the UAE's vision for economic diversification and resilience,"
he said.
EDB's CEO, Ahmed Mohamed Al Naqbi, highlighted the bank’s financing of AED 3.6 billion across manufacturing, advanced technology, food security, healthcare, and renewables. S&P Global recently upgraded EDB’s long-term issuer credit rating to AA, the highest for any UAE and MENA bank, reaffirming EDB’s strong financial risk profile.
In H1 2024, EDB's financing for the manufacturing sector reached AED 2 billion, reflecting its focus on enhancing national manufacturing capabilities. Advanced technology received AED 532 million, renewables secured AED 833 million, and food security received AED 148 million. The bank also supported mSMEs with AED 980 million in financing, contributing to financial inclusion and entrepreneurship.
EDB’s H1 2024 results underscore its critical role in driving industrial growth, economic diversification, and job creation, positioning the UAE for sustainable and resilient economic development.
News Source: Emirates News Agency
