Abu Dhabi (Etihad)
The Emirates Development Bank's contribution to the country's industrial GDP in the first quarter of 2024 reached 4.9 billion dirhams, bringing the total volume of financing provided by the bank since the launch of its new strategy in 2021 to 10.4 billion dirhams.
These results were reviewed during the Board of Directors meeting, which was 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 bank’s results for the period ending on March 31, 2024.
The bank’s performance results for the past three years revealed significant progress 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 an increase of 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, reaching 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.
His Excellency 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. The distinguished results achieved by the bank over the past three years are a reflection of its vital contributions in empowering companies and supporting key development sectors, which are the basic building block for establishing a flexible, prosperous economy that competes with major economies globally.
His Excellency 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, all the way 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 Year 2026.
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 boosting the local economy. The renewable energy sector received 21% of the total financing provided by the Emirates Development Bank during the past three years, which indicates the bank’s commitment to environmentally sustainable development.
For his part, Ahmed Mohammed Al Naqbi, CEO of the Emirates Development Bank, said: Based on the achievements achieved by the bank in 2023, we continue to strengthen our role as a pivotal force in the national economic scene, focusing on sectors that play a vital role in the future development of the country, and providing innovative financing solutions. And sustainable.
Al-Naqbi stressed the bank’s constant keenness to innovate in providing services and raising the level of financing solutions and supporting companies.
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