- EDB development financing in its priority sectors contributes AED2.6 billion to the UAE’s non-oil GDP year-to-date
- AED 1.3 billion financing for MSMEs approved to support UAE-based entrepreneurship, with 1,377 businesses onboarded through EDB’s digital business banking platform
- AED3.1 billion in corporate loans approved to finance industrial development and infrastructure projects
Abu Dhabi, United Arab Emirates: – Emirates Development Bank (“EDB” or “the Bank”), a key financial engine for the economic development and industrial advancement of the United Arab Emirates, held its Board of Directors meeting to review its results for the period ending September 30, 2022 The Board also discussed the progress made in the execution of the Bank’s strategy which aims to support and strengthen the implementation of the UAE’s industrial development strategy, facilitate the adoption of advanced technologies, foster the growth of SMEs and encourage start-ups and innovation.
Among the Bank’s key achievements during this period is the approval of AED4.4 billion in loans for 9M 2022, representing a 59% increase over the previous quarter and a 588% increase over compared to the same period last year.
EDB plays a central role in supporting the national economic agenda by providing indirect and direct financing to start-ups, SMEs and large companies sponsoring industrial projects in five priority sectors, namely manufacturing, infrastructure, advanced technologies, food safety and health care.
In total, this financing boosted the Bank’s contribution to the UAE’s GDP to AED2.6 billion in 9M 2022, an increase of 625% compared to the same period of 2021.
A total of AED1,291 million in loans were approved for SMEs for 9M 2022, representing an increase of 86% over the same period of 2021. This included AED806 million in direct financing and 485 million AED of indirect financing through EDB’s credit guarantee program with a partner. commercial banks.
A total of AED 3.1 billion in loans has been approved for large companies. EDB’s Large Business Division supports national priority sectors in the UAE with projects in key areas such as data centers, water desalination, transportation, hospitals, manufacturers, specialized logistics, among others .
The UAE’s industrial strategy aims to increase the industrial sector’s contribution to GDP from AED133 billion to AED300 billion by 2031. As a national development bank, economic impact is what drives the financing activities of EDB, contributing approximately AED 2.6 billion oil GDP to the UAE since the beginning of 2022. As part of its commitment to fostering local innovation, EDB has provided total funding of AED 3 billion to Emirates-owned businesses.
The growth of the Bank’s lending programs has been largely supported by the continued improvement of its digital capabilities. EDB has digitally onboarded 1,377 customers through its Business Banking YTD 2022 digital platform. Through its mobile app, the account opening process is completed within 48 hours. Additionally, EDB recently launched its Digital Loan Program in partnership with Beehive, which approves loans of up to AED 5 million in five days for SMEs.
In conjunction with EDB’s non-financial support programs, including its “Business Lab” education and advisory services to help advance financial literacy and creditworthiness, EDB remains fully committed to supporting micro and SMEs in UAE with innovative and unique solutions.
His Excellency Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technologies, Chairman of the Emirates Development Bank, said: “His Excellency Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technologies , President of the Emirates Development Bank, said: “As directed by the able management, EDB is working under the overall vision of the national economy which aims to position the country as a global hub for the economy. industry, advanced technology and industries of the future, and to guarantee our industrial production, food and technological safety. The impressive results of the first 9 months of 2022 that the EDB has achieved so far are a testament to the Bank’s efforts to support the UAE’s economic diversification agenda, contribute to the UAE’s GDP and ultimately build a more sustainable economic future. for the UAE.
Ahmed Mohamed Al Naqbi, Managing Director of EDB, said: “Emirates Development Bank continues to execute its transformation agenda to foster a progressive and resilient economy in the United Arab Emirates. Over the past 9 months, we have approved over AED4.4 billion in loans to start-ups, SMEs and large corporations as part of our commitment to provide AED30 billion in financing from by 2026 to develop and diversify the UAE economy.
“Looking forward, we remain focused on continuing to provide financial support at attractive funding rates to all of our customers. With the cautious support of the UAE government, the EDB is well positioned to advance our development strategy, scale up the Bank’s financing activities across our five strategic sectors, and ultimately increase our economic impact in all the countries.
About the Emirates Development Bank
Emirates Development Bank [EDB] the UAE Development Bank, is a key financial engine for the economic development and industrial advancement of the UAE. EDB provides financial and non-financial support to companies of all sizes, from start-ups to SMEs, to companies that drive economic competitiveness in five priority strategic sectors: advanced technologies, food security, healthcare, infrastructure and manufacturing. . The EDB was established under federal law by Executive Order No. 07 of 2011 issued by the late Sheikh Khalifa bin Zayed Al Nahyan; and became operational in June 2015.
For more details visit www.edb.gov.ae