EDB delivers record growth in industrial GDP impact

Emirates Development Bank has unveiled a record increase in total financing since the launch of EDB'S strategy in 2021 to Dh10.4 billion, bringing its cumulative contribution to the nation's industrial GDP impact to Dh4.9 billion.

The results were presented at a board meeting held this week to review the bank's results for the period ending March 31, 2024. The Board meeting was led by Dr Sultan Ahmed Al Jaber, Chairman of the EDB Board and Minister of Industry and Advanced Technology.

EDB'S three-year performance results showcase transformative progress driven through strategic focus and support for the key priority sectors crucial to the UAE'S national development agenda. This included 665 per cent increase in cumulative financing to SMES reaching a total of Dh 3.4 billion, as well as a surge of 2,942 per cent in large corporate loans reaching Dh 5.5 billion in cumulative financing in the three-year period. Financing through the bank's credit guarantee scheme with partner commercial banks achieved a remarkable growth in financing, amounting to Dh1.4 billion.

Results also revealed the bank's contribution to the creation of 18,606 industrial jobs in the UAE, reflecting EDB'S commitment to propelling job creation and business growth.

Al Jaber said: “As the key financial engine of economic growth and industrial advancement in the UAE, Emirates Development Bank continues to drive impactful contributions to non-oil GDP in line with the UAE leadership's vision for future economic growth and diversification. The bank's outstanding results over the past three years reflect its pivotal role in empowering businesses and enabling key development sectors which reinforce the foundation of a resilient and thriving economy.”

Ahmed Mohamed Al Naqbi, CEO of EDB, added: “Building on our achievements in 2023, we continue to strengthen our role as a pivotal force in the country's economic landscape. Our focus remains on sectors that are crucial for the nation's future development, driving forward innovative and sustainable financing solutions. Our achievements in the past three years were driven by a laser focus on driving a robust and diversified economy while ensuring private sector penetration and enhancing our strategic offering.”