Emirates Development Bank Reports Record-Breaking Achievements in 2023, Contributing to UAE’s Economic Diversification

Emirates Development Bank Reports Record-Breaking Achievements in 2023, Contributing to UAE’s Economic Diversification

The Emirates Development Bank, a key financial catalyst for the UAE’s economic diversification and industrial transformation agenda, has unveiled its strategic accomplishments and initiatives for 2023. These efforts resulted in a substantial increase in the bank’s contribution to the industrial gross domestic product (GDP), reaching 4.3 billion dirhams, signifying an impressive 80% surge compared to the 2.4 billion dirhams recorded in 2022. Additionally, the bank played a pivotal role in generating 17,219 job opportunities.

The robust annual results underscore the bank’s unwavering commitment to fostering economic growth, supporting priority economic sectors, and maintaining a trajectory of industrial diversification and sustainable growth. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of the Board of Directors of the Emirates Development Bank, emphasized the bank’s role as a key financial engine aligning with the national strategy for industry and advanced technology.

Al Jaber noted, “The bank continues to achieve exceptional achievements that contribute to enhancing the flexibility and progress of the national economy.” The Emirates Development Bank’s innovative financing solutions have significantly impacted the industrial sector, with its contribution to the industrial GDP experiencing a notable increase in 2023. The total financing approvals issued by the bank since the launch of its new strategy in 2021 reached 8.7 billion dirhams.

“These results affirm the bank’s commitment to progress in achieving its goals, supporting the building of a diversified economy, and contributing to enhancing the flexibility and competitiveness of the national economy,” stated Al Jaber. The bank’s flexible financing solutions and strategic approach have played a crucial role in promoting industrial growth, supporting small and medium-sized enterprises (SMEs), and advancing technological initiatives in line with the UAE government’s objectives.

Ahmed Mohammed Al Naqbi, CEO of the Emirates Development Bank, highlighted 2023 as a milestone year, marking the bank’s continued strengthening of its position as a major financial supporter of economic growth and industrial progress in the UAE. He emphasized the bank’s commitment to strategic goals, aiming to elevate its contribution to the UAE’s GDP to 10 billion dirhams by 2026 while empowering the private sector to drive economic growth.

The bank allocated financing approvals worth 1.3 billion dirhams within the financing guarantee program, showcasing a 64% increase compared to 2022. This reflects the bank’s dedication to enhancing financial inclusion for small and medium-sized companies. Furthermore, the Emirates Development Bank introduced five new programs, allocating financing exceeding 500 million dirhams, including innovative programs supporting agricultural technology and solar energy projects.

In pursuit of its vision, the Emirates Development Bank aims to allocate a financial portfolio worth 30 billion dirhams to support 13,500 companies across its priority sectors – industry, food security, healthcare, technology, and renewable energy – by the year 2026.

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