ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and strategic milestones.
EDB revealed a significant 80 percent surge in its contribution to the UAE’s industrial GDP, which has grown from US$653 million (AED2.4 billion) in 2022 to US$1.1 billion (AED4.3 billion) in 2023, as well as its contribution to the creation of 17,219 jobs, illustrating its commitment to fostering economic growth and development.
The annual results underscore EDB’s substantial impact on the nation’s priority economic sectors, reflecting its pivotal role in the UAE’s vision for industrial diversification and sustainable growth.
Minister of Industry and Advanced Technology and EDB Chairman Dr. Sultan bin Ahmed Al Jaber said, “In line with the UAE leadership’s vision for the EDB to be a key financial enabler of the country’s Industrial Strategy, and play an effective role in supporting sustainable economic and social development, the bank continues its achievements which reinforce the nation’s economic resilience and advancement.”
He said, “EDB’s dynamic strategy has played a pivotal role in reshaping the UAE’s industrial sector which led to a remarkable increase in the industrial GDP impact in 2023, bringing the total of net financing approvals since the launch of its strategy in 2021 to US$2.3 billion (AED8.7 billion).
He added, “These results showcase EDB’s commitment towards its goals, building a diversified economy and contributing to the resilience and competitiveness of the national economy.”
EDB’s flexible financing solutions and patient debt approach have significantly bolstered industrial growth, SME support and technological advancements, aligning with the UAE government’s strategic goals.
Ahmed Mohamed Al Naqbi, CEO of EDB said, “The year 2023 has been a milestone for the bank in reinforcing its role as a key enabler of the UAE’s economic growth and industrial advancement. Our strategic emphasis on sectors crucial to the UAE’s future development has led to the deployment of innovative and sustainable financing solutions.”
He said, “This resulted in a significant 72 percent increase in SME financing approvals, totaling US$898 million (AED3.3 billion), which underlines our commitment to nurturing the backbone of our economy, as well as US$353 million (AED1.3 billion) in financing approvals under the Credit Guarantee Scheme with partner banks, enhancing access to capital for SMEs.”
He added, “We have set a clear goal to elevate EDB’s contribution to the UAE’s GDP to US$2.7 billion (AED10 billion) by 2026, focusing on empowering the private sector to drive the nation’s economic growth. Our efforts and achievements have been instrumental in positioning EDB as a catalyst for the economic growth of the UAE.”
Moreover, EDB has approved a total of US$353 million (AED1.3 billion) in financing under the Credit Guarantee Scheme with partner banks in the UAE, which marks a 64 percent increase compared to the previous year and reflects the bank’s commitment to enhancing the financial inclusion of SMEs.
EDB launched five new programs with a total value of over US$136 million (AED500 million) in financing, including two first-of-a-kind programs dedicated to financing agritech and solar energy projects.
This reaffirms the bank’s alignment with the UAE’s climate goals and net-zero ambitions as well as its comprehensive approach to economic development.
EDB has a mandate to approve US$8.1 billion (AED30 billion) in financing support to 13,500 companies within five sectors – manufacturing, food security, healthcare, technology and renewables – by 2026.