Emirates Development Bank Achieves Record Increase in Industrial GDP Impact, Total Financing Reaches AED10.4 Billion 

EDB's three-year performance highlights substantial progress propelled by strategic focus and support for key priority sectors essential to the UAE's national development agenda. Notably, there has been a 665% increase in cumulative financing to SMEs, totaling AED 3.4 billion, alongside a remarkable surge of 2,942% in large corporate loans, amounting to AED 5.5 billion in cumulative financing over the three-year period. Financing through the bank’s Credit Guarantee Scheme with partner commercial banks also experienced significant growth, reaching AED 1.4 billion.

Additionally, the results underscore EDB's role in generating 18,606 industrial jobs in the UAE, demonstrating its commitment to driving job creation and fostering business expansion. These achievements highlight EDB's substantial impact on the nation's priority economic sectors, reinforcing its pivotal role in the UAE's vision for industrial diversification and sustainable growth.

His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Chairman of Emirates Development Bank, remarked: “As a key financial engine of economic growth and industrial advancement in the UAE, Emirates Development Bank continues to make impactful contributions to non-oil GDP, aligning with the UAE leadership’s vision for future economic growth and diversification."

H.E. Al Jaber added: “EDB's comprehensive financial and non-financial solutions support a diverse range of businesses within the country, from burgeoning SMEs to established corporations, across five priority sectors. Our strategic initiatives and robust financing support have significantly advanced our national agenda, resulting in an extraordinary increase in industrial GDP impact."

His Excellency Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, emphasized: "Building on our achievements in 2023, we remain committed to strengthening our pivotal role in the country’s economic landscape. Our focus continues to be on sectors critical for the nation's future development, driving innovative and sustainable financing solutions."

Al Naqbi further stated: "The milestone achievements and efforts from 2021 to Q1 2024 reflect EDB’s role as a progressive force channeling essential financing to support and accelerate the UAE's economic development and diversification mandate. Moving forward, we will continue to innovate and enhance our financing solutions to empower more businesses."

EDB aims to provide AED 30 billion in financing support to 13,500 companies within five sectors – manufacturing, food security, healthcare, technology, and renewables - by 2026. Notably, 46% of the Bank’s cumulative financing has been allocated to the manufacturing sector, highlighting its pivotal role in the UAE's economy. Additionally, the renewables sector, crucial for the UAE’s sustainable future, has received 21% of EDB’s cumulative financing, demonstrating the Bank’s commitment to sustainable development.