The Emirates Development Bank achieved a record increase in its cumulative contributions to the country’s industrial gross domestic product, reaching 4.9 billion dirhams in the first quarter of 2024, bringing the total volume of financing provided by the bank since the launch of its new strategy in 2021 to 10.4 billion. Dirham.
These results were reviewed during the Board of Directors meeting, which was chaired by Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of the Board of Directors of the Emirates Development Bank, to review the bank’s results for the period ending on March 31, 2024.
The results of the bank’s performance for the past three years revealed that significant progress has been achieved, driven by the bank’s strategic focus on priority sectors in the UAE’s national development agenda. This included achieving a 665% increase in the value of financing provided to small and medium-sized companies to reach 3.4 billion dirhams, as well as recording an increase By 2,942% in financing for large companies, which reached 5.5 billion dirhams, in addition to the financing guarantee program achieving a record growth in financing distributed to reach 1.4 billion dirhams.
The bank’s contribution also included providing 18,606 job opportunities in the industrial sector in the UAE, which reflects its commitment to providing jobs and business development. The results also confirm the bank’s pivotal role in achieving the country’s vision of promoting economic diversification and contributing to stimulating sustainable growth, in addition to the large impact of the support it provides. It is presented to the strategic priority economic sectors of the UAE.
- Future economy
Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of the Board of Directors of the Emirates Development Bank, said: “The bank’s achievements embody its commitment to contributing to the implementation of the vision and directives of the leadership in the UAE to build a developed and diversified future economy, and to support the growth of the country’s non-oil gross domestic product, and the results shape The outstanding achievements that the bank has achieved over the past three years are a reflection of its vital contributions to empowering companies and supporting the main development sectors, which are the basic building block for establishing a flexible, prosperous economy that competes with major economies globally.”
Al Jaber stated that the bank provides a comprehensive set of financial and non-financial solutions to a large number of companies operating in the UAE across 5 priority sectors, starting from small and medium companies to large companies. He said: “The bank’s strategic initiatives and strong financial support have effectively contributed to… Achieving the goals of our national agenda and raising the industrial GDP, as the volume of financing provided by the Bank has reached 10.4 billion dirhams since the launch of its strategy in April 2021, which enhances the Bank’s efforts to empower more than 13,500 companies by 2026.”
While Ahmed Mohammed Al Naqbi, CEO of the Emirates Development Bank, said: “Based on the bank’s achievements in 2023, we continue to strengthen our role as a pivotal force in the national economic landscape, focusing on sectors that play a vital role in the future development of the country, and providing innovative and sustainable financing solutions.” Our distinguished achievements over the past three years were the result of our great focus on contributing to building a strong and diversified economy, ensuring the effective participation of the private sector and developing our strategic offerings, starting from trade financing and working capital solutions to supply chain financing, cash management, and attracting foreign direct investment. ».
Al Naqbi stressed the bank’s constant keenness to innovate in providing services and raising the level of financing solutions and supporting companies, and said: “The achievements achieved over the past three years constitute clear evidence of the role and position of the Emirates Development Bank as a main pillar, to direct basic financing to support and accelerate the path of economic development and diversification.” National economy”.
As part of its ambitious five-year strategy, the Emirates Development Bank is committed to providing financing worth 30 billion dirhams to support 13,500 companies by 2026 within the five priority sectors of industry, food security, health care, advanced technology, and renewable energy.
In line with this, 46% of the bank’s total financing since the launch of its new strategy in April 2021, until the first quarter of 2024, went to the industrial sector, which enhances its pivotal role in driving the local economy.
The renewable energy sector, which plays a vital role in supporting the UAE’s directions in achieving its ambitions for carbon neutrality to reach a sustainable future, received 21% of the total financing provided by the Emirates Development Bank during the past three years, and this constitutes a clear indication of the bank’s commitment to sustainable development. Environmentally.