EDB highlights its role in the UAE’s economic evolution at the Third Investopia Summit

Emirates Development Bank (EDB), the key financial engine for economic development and industrial advancement in the UAE, has highlighted its pivotal role in financing the UAE’s economic evolution through strategic initiatives that drive innovation, entrepreneurship and sustainable growth during a talk held at the Future 100 Forum as part of the third Investopia Summit in Abu Dhabi.

Shaker Zainal, commercial director of EDBspoke with the leader Future 100 companies, partners and stakeholders of the UAE business ecosystem, highlighting the Bank’s mandate to support the UAE’s economic diversification efforts through strategic financing in key sectors including manufacturing, food security, healthcare, advanced technology and energy renewable.

During his speech, Zainal highlighted that EDB, being the only development bank in the UAE, focuses on financing the right transactions and the right projects that support the development of the nation and its economy. He stated that EDB’s long-term patient debt approach and flexible financing solutions aim to empower businesses of all sizes to drive economic impact.

Zainal shared that in 2023, EDBThe UAE’s contribution to the UAE’s industrial GDP increased by 80 per cent, reaching AED 4.3 billion from AED 2.4 billion in 2022 and raising the total loans financed by the Bank to AED 8.7 billion since the launch of its strategy in 2021. The EDB also created more than 17,000 jobs, a growth that demonstrates the EDB’s fundamental role in the industrial sector and its dedication to promoting sustainable economic practices and employment opportunities.

Zainal also highlighted EDB’s commitment to small and medium-sized enterprises (SMEs), which are an integral part of the UAE economy. With a 72 per cent increase in net financing approvals worth AED 3.3 billion for SMEs over the past year, EDB has contributed significantly to fostering innovation and growth within this vital sector. Additionally, he addressed the challenges faced by SMEs and highlighted EDB’s innovative solutions to make financing more accessible and efficient for these companies. Through its strategic partnerships with commercial banks and associated fintechs, EDB launched programs such as the Credit Guarantee Scheme, digitalization financing, trade and supply chain financing and working capital solutions, improving the financial inclusion of SMEs and facilitating their integration into the national economy.

He said,

“Our approach is unique: we don’t just look at the financial viability of a project. We assess its potential impact on development and its ability to contribute to the UAE’s strategic objectives. “This is about growth through economic impact, not just profits.”

Zainal stressed EDBThe critical role of Driving the UAE’s sustainability agenda by offering tailored financing solutions that drive the energy transition and promote national food security. He cited the decision of the Bank Agritech Loan Program providing financing of up to AED 5 million with a long term of 10 years and the Solar Energy Financing Program Support companies, especially MSMEs, to adopt cleaner energy sources.

Zainal He explained that the Bank also offers a wide range of non-financial services to boost entrepreneurship and promote the contribution of SMEs to economic development. He highlighted how EDBThe Business Lab offers a knowledge-sharing space for entrepreneurs to get expert guidance, learn how to do better business, and access financing. He added that EDB provides entrepreneurs and companies at a pre-financing and pre-banking stage with financial education training and advice to help them become solvent.

He also pointed out that the EDB Business Banking App Ensures seamless banking services with IBAN provided in minutes and transactions available within 48 hours. The app also integrates a digital lending feature, allowing eligible SMEs to apply for loans of up to AED 5 million, reflecting the BED’s commitment to improving the financial inclusion of SMEs while supporting the growth of innovation. and digitization.

News source: Emirates News Agency