Emirates Development Bank (EDB) has said it will facilitate direct and indirect lending totaling AED30 billion ($8.16 billion) by 2025, which is expected to support more than 13,500 companies.
At its first Board meeting of 2022, the bank said the record growth over the past 12 months demonstrated the success of the its 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 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.
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 mobilize 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, the bank said.
In its first six months, over 1000 digital banking accounts have been registered.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of the EDB Board, said 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”.
Over the past 12 months, to help accelerate its strategy and attract FDI into the UAE, EDB has signed Memorandums of Understanding with 26 partners, including banks, public and private sector entities, chambers of commerce and free zones. In an effort to ensure proactive stakeholder outreach, EDB has also conducted more than 16 roadshows and industry events.