This announcement came during the first meeting of the current year for the bank’s board of directors, during which the results achieved during the past twelve months were reviewed, which witnessed the bank’s progress in implementing the priorities of its new strategy aimed at enabling the industrial transformation in the UAE and accelerating the adoption of advanced technology in the industrial sector and advancing the wheel Sustainable growth by supporting small and medium-sized companies and promoting the development of companies operating in five vital sectors: manufacturing, high technology, infrastructure, healthcare, and food security.
The bank’s new plan includes allocating a financing portfolio of 30 billion dirhams to support more than 13,500 new companies by 2025.
During the meeting, Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, presented to the board members the report on the results of the first year of launching the strategy, which included a detailed presentation of the most prominent achievements, foremost of which was the bank’s increase in the country’s GDP to reach 1.91 billion dirhams, and the provision of financing Direct and indirect for the benefit of 1,350 small and medium companies operating in priority sectors, in addition to launching a financing guarantee platform through which the bank succeeded in providing credit guarantees worth 332 million dirhams.
The list of the bank’s achievements during the first year of implementing its new strategy included launching a special section for major companies in less than a year, in addition to launching a digital banking application for emerging, small and medium companies that succeeded in opening more than 1,000 digital bank accounts within less than 6 months of its launch.
On this occasion, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of the Emirates Development Bank, said: “Thanks to the vision and directives of the wise leadership, the UAE has achieved great growth and remarkable progress in many sectors that today have turned into an active contributor to the country’s domestic product. Through the Emirates Development Bank and its new strategy, we seek to accelerate the growth of the industrial sector to keep pace with the comprehensive national development process, by enhancing the bank’s vital role in providing financing and non-financing solutions that support the work of large, medium, small and emerging companies in the industrial sector.”
He added: “During the first year of launching the new strategy, the Emirates Development Bank was able to raise its contribution to the UAE’s GDP to reach 1.91 billion dirhams, which confirms its pivotal role in advancing economic diversification efforts in the UAE and developing the industrial sector in addition to increasing the economy’s flexibility and strengthening its level of competitiveness at the international level and achieving sustainable growth,” according to the Emirates News Agency, WAM.
The first year witnessed the launch of the bank’s strategy to implement many initiatives to accelerate the achievement of its main objectives. In this context, the Emirates Development Bank signed memoranda of understanding with 26 partners, including financial institutions, banks, institutions from the public and private sectors and chambers of commerce. The Emirates Development Bank also organized more than 16 presentations. As a promotional and industrial event, it ensures its keenness to reach stakeholders across the country.
As part of its keenness to focus its finances on projects and companies that have the greatest impact on the national economy, the Emirates Development Bank has developed the “Development Performance Scale”, which is an evaluation criterion for entities requesting funding based on their impact on the country’s economy.
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