Emirates Development Bank (EDB) has announced record growth over the past 12 months.
The results, which were presented at the first EDB Board meeting of 2022, underline the success of the bank’s new strategy, which was launched in March 2021 to support the UAE’s industrial development, accelerate the adoption of advanced technologies, and empower the growth of SMEs in the UAE.
This will be achieved through the growth and development of large corporations and SMEs in five key sectors: manufacturing, advanced technology, infrastructure, healthcare and food security. As part of its strategy, EDB will also facilitate direct and indirect lending totaling AED30 billion by 2025, which is expected to support more than 13,500 companies.
EDB’s Chief Executive Officer, Ahmed Mohamed Al Naqbi, presented the EDB’s year-one performance and key achievements to the Board. This included an AED1.91 billion contribution to the UAE’s GDP growth, direct and indirect financing of 1,350 SMEs across priority sectors, and the launch of a new Credit Guarantee platform, which was able to mobilise more than AED332 million of capital to SMEs.
Other key achievements of the Emirates Development Bank include the launch of a large corporate banking division in less than a year and a digital banking application focused on SMEs and start-ups. In its first 6 months, over 1000 digital banking accounts have been registered.
Dr. Al Jaber said, "Over the years, the UAE has achieved significant growth and progress across various sectors that are now actively contributing to the nation’s GDP growth. Through the Emirates Development Bank and its new strategy, we aim to ensure that the industrial sector keeps pace with that growth and achieves the aspirations of the UAE leadership. The Emirates Development Bank plays a critical role in realizing these aspirations by providing the necessary financial and non-financial support to SMEs and large corporations in key industrial sectors."
"In the first year under its new strategy, EDB was able to make a AED1.91 billion contribution to the UAE GDP, underlining its importance not just to the UAE’s industrial sector, but to the nation’s economic diversification, global competitiveness and long-term, sustainable economic growth," he added.
Emirates Development Bank announces AED1.91 billion contribution to GDP at 1st Board Meeting of 2022#WamNews https://t.co/3Ihvlerypz pic.twitter.com/sWnq55PtFC
— WAM English (@WAMNEWS_ENG) April 3, 2022
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