The Emirates Development Bank (EDB) is firing on all cylinders, with the aim to bolster and drive the UAE’s economic development and industrial progress.
The bank has supported the country’s key growth sectors since launching its ambitious strategy in 2021, achieving key milestones along the way.
Dr Sultan Ahmed Al Jaber, chairman of the EDB Board: “EDB’s outstanding results reflect its pivotal role in empowering businesses and enabling key development sectors… These efforts are pivotal in empowering over 13,500 companies by 2026, cementing our commitment to fostering a resilient, diversified, and competitive economy.”
Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank: “Our focus remains on sectors that are crucial for the nation’s future development, driving forward innovative and sustainable financing solutions… As we move forward, we continue to innovate and elevate our financing solutions to empower more and more businesses.”
In numbers: We look at the key achievements of the bank since 2021
EDB has achieved a record-breaking Dhs10.4bn in total financing, significantly impacting the nation’s industrial GDP by a whopping Dhs4.9bn.
It has strategically target five key sectors crucial for the UAE’s future: Manufacturing, food security, healthcare, technology and renewables
The bank has been a champion for small and medium-sized enterprises (SMEs), the backbone of the UAE’s economy. Cumulative financing to SMEs has skyrocketed by a remarkable 665 per cent, reaching a total of Dhs3.4bn.
It has provided Dhs5.5bn in cumulative financing to large companies, marking a surge of 2,942 per cent in the past three years.
EDB’s financing initiatives have directly contributed to the creation of 18,606 industrial jobs in the UAE, highlighting their commitment to fostering business growth and job creation.
46 per cent of EDB’s financing has empowered the manufacturing sector, while 21 per cent has fuelled the vital renewables sector.
Emirates Development Bank has unveiled a record increase in total financing since the launch of EDB’s strategy in 2021 to AED 10.4 billion, bringing its cumulative contribution to the nation’s industrial GDP impact to AED4.9 billion. pic.twitter.com/05eMKBrF3Q
— Emirates Development Bank (@EDB_UAE) April 4, 2024
Looking ahead
EDB has set an ambitious target of providing Dhs30bn in financing support to 13,500 companies by 2026.