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The bank raises its contribution to the country’s GDP to 3.5 billion dirhams.
– 673% growth in financing compared to 2021.
Approval of financing worth 1.8 billion dirhams to support microenterprises and small and medium-sized companies, and at a value of 4.3 billion dirhams for large companies in the country.
Funds from the Emirates Development Bank contribute about 3.5 billion dirhams to the country’s non-oil GDP
Providing more than 12,000 job opportunities in the local industrial sector.
– Plans to provide more support to the strategic sectors in the country during 2023.
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Abu Dhabi, on March 1, the Board of Directors of the Emirates Development Bank, the main financial engine of the economic diversification and industrial transformation agenda in the UAE, held a meeting chaired by His Excellency 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 results and achievements of the bank during last year (the period ending on December 31, 2022) and discussing the targets for the year 2023 in order to continue supporting and enabling industrial development in the UAE and enhancing economic competitiveness.
The bank’s most prominent achievements during the fiscal year 2022 included the approval of financing worth 6.1 billion dirhams, an increase of 673% compared to the previous year and 34% compared to the previous quarter.
During the past year, the bank approved total financing of 1.8 billion dirhams for small and medium-sized companies during the fiscal year 2022, which is equivalent to an increase of 387% compared to the fiscal year 2021 and a rate of 45% compared to the previous quarter.
These funds were distributed between direct financing amounting to 1.2 billion dirhams and indirect financing amounting to 611 million dirhams through the financing guarantee program provided by the bank in cooperation with partner commercial banks.
The total value of financing granted by the bank, in cooperation with Beehive, through its digital platform for small and medium-sized companies, exceeded the barrier of 100 million dirhams.
Since the launch of the digital banking application in 2021, the Emirates Development Bank has succeeded in registering 2,094 new customers through the application.
Total financings of AED 4.3 billion were approved for large companies, representing an increase of 1,640% compared to fiscal year 2021 and 39% compared to the previous quarter.
The Large Corporate Finance Department at the Emirates Development Bank contributes to supporting the national priority sectors in the country by financing huge projects in the most vital areas, including data centers, water desalination plants, the transportation sector, hospitals, manufacturing companies, specialized logistics services, and others.
The Emirates Development Bank succeeded, through its financing activities, in raising its contribution to the non-oil GDP to 3.5 billion dirhams, in addition to providing more than 12,000 job opportunities in the industrial sector during the past year.
On this occasion, His Excellency Dr. Sultan Ahmed Al Jaber said: “In line with the leadership’s vision of supporting sustainable economic growth, the Emirates Development Bank plays a pivotal role in supporting the national industrial sector by facilitating the adoption of advanced technology, promoting the growth of small and medium enterprises and encouraging innovation, in line with the priorities of and national development initiatives to ensure diversification and sustainable growth of the UAE economy..and as a result of the bank’s financing efforts in supporting businesses and projects of strategic importance in priority sectors, the Emirates Development Bank’s contribution to the non-oil GDP last year amounted to 3.5 billion dirhams, and it also contributed to creating More than 12,000 job opportunities in the industrial sector, which reflects the successful implementation of the bank’s strategy. We, at the Emirates Development Bank, look forward to the future with optimism and confidence, clearly supported by our goals to enable and grow the industrial sector in the UAE to build a sustainable knowledge-based economy.
The industrial strategy of the United Arab Emirates aims to develop and stimulate the industrial sector in the country, and enhance its role in the growth of the national economy by raising its contribution to the gross domestic product to 300 billion dirhams by 2031.
In line with the national priorities and goals, the Emirates Development Bank provides direct and indirect financing to projects and companies operating in the UAE in one of the five main sectors, which are industry, health care, food security, advanced technology and infrastructure.
The bank also supports entrepreneurs and startups by providing non-financial services, such as training and consulting programs to enhance financial inclusion and raise awareness on issues related to creditworthiness.
The financing decisions taken by the bank are based largely on the “development performance scale”, which is a special criterion adopted by the bank and ranges from 0 to 6 to measure the eligibility and ability of companies and projects to make the required developmental impact on the national economy.
During the year 2022, the rate of “development performance measure” for projects and companies that obtained financing reached 3.6, exceeding the target set by the bank, which is 3.0, which enhances the role of these funds in the economic development process, in line with the bank’s aspirations.
For his part, Ahmed Mohamed Al Naqbi, CEO of the Emirates Development Bank, said: “We are proud of the strong and distinguished performance of the Emirates Development Bank during the year 2022 .. Through the growth of its financing activities and advisory capabilities, and the diversity of its financing solutions for micro-enterprises, small and medium-sized companies, and large companies, the bank succeeded in Recording record achievements over the past year in terms of capital distribution, contribution to the country’s gross domestic product and job creation in the industrial sector.
He added: “We look forward to more achievements during the year 2023, and we will continue to move steadily to provide more momentum and growth.”
