ABU DHABI (ALETIHAD)
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 Dh10.4 billion, bringing its cumulative contribution to the nation’s industrial GDP impact to Dh4.9 billion.
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The milestone results were presented at a Board meeting held this week to review the Bank’s results for the period ending March 31, 2024. The Board meeting was led by Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Chairman of the EDB Board.
EDB’s three-year performance results showcase transformative progress driven through strategic focus on the key priority sectors. This included 665% increase in cumulative financing to SMEs reaching a total of Dh3.4 billion, as well as a surge of 2,942% in large corporate loans reaching Dh5.5 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 Dh1.4 billion.
Results also revealed the Bank’s contribution to the creation of 18,606 industrial jobs in the UAE.
Dr. Al Jaber commented: “As the key financial engine of economic growth and industrial advancement in the UAE, Emirates Development Bank continues to drive impactful contributions to non-oil GDP in line with the UAE leadership’s vision for future economic growth and diversification. The Bank’s outstanding results over the past three years reflect its pivotal role in empowering businesses and enabling key development sectors which reinforce the foundation of a resilient and thriving economy.”
He added: “EDB’s comprehensive financial and non-financial solutions support the full spectrum of businesses within the country. 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, added: “Building on our achievements in 2023, we continue to strengthen our role as a pivotal force in the country’s economic landscape. Our focus remains on sectors that are crucial for the nation’s future development.”
He added: “The milestone achievements and efforts from 2021 to Q1 2024 reflect EDB’s role as a progressive force channelling essential financing to support and accelerate the UAE’s economic development and diversification mandate.”
EDB has a mandate to provide Dh30 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% of the Bank’s cumulative financing since the launch of its strategy has empowered the manufacturing sector. The renewables sector, vital for the UAE’s sustainable future, has received 21% of EDB’s cumulative financing, a clear indicator of the Bank’s commitment to sustainable development.