Emirates Development Bank boosts UAE’s industrial GDP contribution
Bank loans total Dh8.7 billion since 2021
Emirates Development Bank (EDB) significantly boosted its contribution to the UAE’s industrial GDP in 2023, registering an impressive 80% surge, with figures soaring from Dh2.4 billion in 2022 to Dh4.3 billion. This substantial increase underscores EDB’s pivotal role in driving sustainable economic practices and fostering employment opportunities, according to Shaker Zainal, Chief Business Officer at EDB, during the third Investopia Summit in Abu Dhabi.
Zainal emphasized EDB’s unique position as the sole development bank in the UAE, focusing on financing projects that align with the nation’s economic development goals. The bank’s patient debt approach and flexible financing solutions aim to empower businesses of all sizes, driving economic impact across sectors.
Furthermore, EDB’s commitment to Small and Medium-sized Enterprises (SMEs) remains unwavering, with a remarkable 72% surge in net approvals of financing amounting to Dh3.3 billion over the past year. This surge highlights EDB’s dedication to nurturing innovation and growth within the SME sector, despite the challenges faced.
To enhance financial inclusion for SMEs, EDB has forged strategic partnerships with commercial banks and fintechs, launching initiatives like the Credit Guarantee Scheme, digitization finance, and trade and supply chain finance. These programs facilitate SME integration into the national economy while promoting financial literacy and advisory services.
In line with the UAE’s sustainability agenda, EDB offers tailored financing solutions driving the energy transition and bolstering national food security. Initiatives such as the Agritech Loans Program and Solar Energy Financing Program support businesses, particularly mSMEs, in adopting cleaner energy sources and sustainable practices.
Moreover, EDB provides non-financial services to drive entrepreneurship and SME development. The EDB Business Lab serves as a knowledge-sharing hub, offering expert guidance and financial literacy training to aspiring entrepreneurs.
Through the EDB Business Banking App, seamless banking services are provided, with IBAN issuance within minutes and transaction capabilities within 48 hours. The app’s digital lending feature enables eligible SMEs to apply for loans of up to Dh5 million, reinforcing EDB’s commitment to financial inclusion and digital innovation.
