Emirates Development Bank (EDB) has recently unveiled its remarkable achievements for the year 2023. The bank’s annual results reveal an impressive 80 percent surge in its contribution to the UAE’s industrial GDP, reaching a staggering AED4.3 billion ($1.17 billion). This substantial growth from AED2.4 billion ($0.65 billion) in 2022 underscores EDB’s pivotal role in driving industrial expansion and fostering economic resilience.
EDB’s strategic vision
EDB’s annual results underscore its impact on the UAE’s priority economic sectors. Moreover, it reflects its essential role in the UAE’s vision for industrial diversification and sustainable growth. In addition to its contribution to the industrial GDP, EDB has contributed to the creation of 17,219 jobs in 2023.
Dr. Sultan bin Ahmed Al Jaber, minister of industry and advanced technology and chairman of EDB, emphasized EDB’s pivotal role in advancing the UAE’s industrial strategy and promoting sustainable economic and social development.
Innovative financing solutions
EDB’s strategy offers innovative financing solutions and this has played a pivotal role in reshaping the UAE’s industrial sector. Therefore, this has led to a remarkable increase in its industrial GDP impact in 2023. The total net financing approvals since the launch of EDB’s strategy in 2021 amounted to AED8.7 billion. “These unparalleled results showcase the banks’ commitment to making progress towards its goals, building a diversified economy, and contributing to the resilience and competitiveness of the national economy,” Al Jaber added.
Ahmed Mohamed Al Naqbi, CEO of EDB, highlighted the bank’s strategic emphasis on sectors crucial to the UAE’s future development. The bank’s flexible financing solutions and patient debt approach have significantly bolstered industrial growth. Moreover, it has enhanced small and medium enterprise (SME) support and technological advancements.
Notably, EDB recorded a remarkable 72 percent increase in SME financing approvals, totaling AED3.3 billion. Moreover, it recorded AED1.3 billion in financing approvals under the Credit Guarantee Scheme with partner banks. This enhances access to capital for SMEs.
“We have set a clear goal to elevate EDB’s contribution to the UAE’s GDP to AED10 billion by 2026, focusing on empowering the private sector to drive the nation’s economic growth,” Al Naqbi added.
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Towards a sustainable future
EDB launched five new programs with a total value of over AED500 million in financing. These initiatives include dedicated programs for agritech and solar energy projects. Hence, they underscore EDB’s comprehensive approach to economic development and its commitment to building a sustainable future.
Moreover, the bank has a mandate to approve AED30 billion in financing support to 13,500 companies within five sectors by 2026. The sectors include manufacturing, food security, healthcare, technology, and renewables. Through its unwavering dedication and strategic vision, EDB continues to be a catalyst for the economic prosperity and industrial advancement of the UAE.
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