Emirates Development Bank’s contribution to industrial GDP grows by 80% in 2023

Emirates Development Bank (EDB), the key financial driver of economic development and industrial advancement in the United Arab Emirates, has presented its 2023 results, showing an extraordinary year of achievements and strategic milestones.

The Bank revealed a significant 80 per cent increase in its contribution to the UAE’s industrial GDP, which has grown from AED 2.4 billion in 2022 to AED 4.3 billion in 2023, as well as its contribution to the creation of 17,219 jobs , which illustrates their commitment. to promote economic growth and development.

Annual results underline EDBThe UAE’s substantial impact on the nation’s priority economic sectors, reflecting its pivotal role in the UAE’s vision for industrial diversification and sustainable growth.

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and President of the Emirates Development Bankcommented,

“In line with the vision of UAE leaders for the Emirates Development Bank to be a key financial enabler of the UAE’s industrial strategy and play an effective role in supporting sustainable economic and social development, the Bank continues its important achievements that reinforce the nation’s economic resilience and progress.”

He added,

“BED’s dynamic strategy, offering innovative financing solutions, has played a pivotal role in reshaping the UAE’s industrial sector, leading to a notable increase in industrial GDP impact in 2023, raising the total financial approvals net since the launch of the BED strategy in 2021 to AED 8.7 billion.

“These unparalleled results show the banks’ commitment to advance their objectives, build a diversified economy and contribute to the resilience and competitiveness of the national economy.”

The Bank’s flexible financing solutions and patient approach to debt have significantly driven industrial growth, SME support and technological advancements, aligning with the UAE government’s strategic objectives.

Ahmed Mohamed Al Naqbi, CEO of the Emirates Development Bank, aggregate,

“The year 2023 has been a milestone year for EDB in reinforcing its role as a key enabler of the UAE’s economic growth and industrial advancement. Our strategic emphasis on sectors crucial to the future development of the UAE has led to the deployment of innovative and sustainable financial solutions. This resulted in a significant 72 per cent increase in SME financing approvals, totaling AED 3.3 billion, underlining our commitment to nurturing the backbone of our economy, as well as AED 1.3 billion in financing within the framework of the Credit Guarantee Plan with associated banks. improve access to capital for SMEs.

“We have set a clear goal of raising the BED’s contribution to the UAE’s GDP to AED 10 billion by 2026, focusing on empowering the private sector to drive the nation’s economic growth. Our efforts and achievements have been instrumental in positioning to the BED as a catalyst for economic growth.growth of the UAE.”

Besides, EDB has approved a total of AED 1.3 billion in financing under the Credit Guarantee Scheme with partner banks in the UAE, marking an increase of 64 per cent compared to the previous year and reflecting the Bank’s commitment to improve the financial inclusion of SMEs.

EDB launched five new programs with a total value of more than AED 500 million in financing, including two first-of-its-kind programs dedicated to financing solar energy and agricultural technology projects. This reaffirms the Bank’s alignment with the UAE’s climate goals and net zero ambitions, as well as its comprehensive approach to economic development.

The Bank is mandated to approve AED 30 billion in financial support to 13,500 businesses within five sectors (manufacturing, food security, healthcare, technology and renewable energy) by 2026.

News source: Emirates News Agency