Emirates Development Bank (EDB) has presented the results of its growth over the past 12 months at its first Board meeting of 2022.
The report underlines the success of the bank’s new strategy, which was launched in March 2021 to support UAE’s industrial development, accelerate the adoption of advanced technologies, and empower the growth of SMEs.
The strategy will be achieved through the growth and development of large corporations and SMEs in five key sectors including manufacturing, advanced technology, infrastructure, healthcare and food security. As part of its strategy, EDB will also facilitate direct and indirect lending totaling $8.2 billion by 2025, which is expected to support more than 13,500 companies.
Mr. Ahmed Mohamed Al Naqbi, EDB’s Chief Executive Officer, presented the year-one performance report and key achievements to the Board. This included a $520 million 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 mobilize more than $90.3 million of capital to SMEs.
The Bank’s other notable achievements include the launch of a large corporate banking division in less than a year and a digital banking application aimed at SMEs and start-ups. Over 1000 digital banking accounts have been registered in the first six months.
Dr. Sultan bin Ahmed Al Jaber Chairman – EDB Board
“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 EDB 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. EDB 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.”
The past 12 months were pivotal for EDB in its financial and strategic milestones including the financing of $414 million to projects in priority sectors and establishing partnerships with nine commercial banks, said Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs and EDB Deputy Chairman.
EDB has also created a customized, proprietary ‘Development impact Scorecard’, which has helped maximize the industrial development impact of the bank’s portfolio.
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