Emirates Development Bank Achieves Record AED 15.7 Billion Financing In 2024 With 222% Year-on-Year Growth

Emirates Development Bank (EDB) has revealed its 2024 results, highlighting its crucial role in the UAE's economic diversification and resilience. Since launching its strategy in 2021, EDB has provided AED15.7 billion in financing, boosting the UAE's industrial GDP impact to AED7.4 billion by the end of 2024. This underscores EDB's commitment to driving economic growth and supporting key sectors.

In 2024, EDB focused on enhancing its operations and introducing new products. The bank launched "EDB Smart Connect," a cash management solution offering clients secure, real-time account access. Over 50 clients have joined this platform, showcasing EDB’s digital-first approach. Additionally, six trade finance products were introduced, providing AED1.2 billion through trade finance solutions.

The manufacturing sector received significant attention from EDB in 2024, with AED4.23 billion allocated, making up 49% of total financing for the year. This support advanced UAE-based industrial projects and highlighted EDB's dedication to strengthening national manufacturing capabilities. The bank also supported technological and sustainable innovation with AED1.2 billion for renewable energy projects.

Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of EDB, stated: "Aligned with the vision of the leadership, Emirates Development Bank continues to drive the industrial sector’s growth and enhance the UAE’s position as an attractive destination for investment." He emphasized that these achievements reflect EDB’s ongoing efforts to foster innovation and strengthen industrial competitiveness.

EDB's financing for advanced technology reached AED3 billion in 2024, demonstrating its commitment to adopting cutting-edge industrial innovations. The food security sector received AED1.22 billion, while healthcare saw AED1.14 billion in financing, reflecting EDB’s focus on critical industries for sustainable growth.

Ahmed Mohamed Al Naqbi, CEO of EDB, remarked: "2024 marked a defining year of exceptional progress for EDB." He noted that AED8.7 billion in financing represented a 222% increase from 2023 and contributed significantly to the UAE’s industrial GDP while creating over 14,000 jobs in various sectors.

Support for mSMEs

Supporting micro, small, and medium enterprises (mSMEs) remained a priority for EDB in 2024. Total financing reached AED3 billion, including AED758 million through a Credit Guarantee Scheme with 11 commercial banks. Direct financing to mSMEs amounted to AED2.1 billion, while SME-Micro projects received AED107 million.

S&P Global recognized EDB's strong financial performance by upgrading its credit rating to AA—the highest among financial institutions in the UAE and MENA region. This milestone reflects EDB’s strategic clarity and robust financial profile aligned with national development priorities.

Future Outlook

Looking ahead to 2025, EDB aims to further contribute to the UAE’s economic agenda by targeting AED23 billion in financing. The bank plans to leverage AI technologies like robotic process automation (RPA) and machine learning (ML) to enhance operational efficiency while continuing its focus on critical sectors through industrial co-lending partnerships.

The bank's efforts have mobilised a total of AED50.2 billion in CAPEX financing since 2021, supporting greenfield projects worth AED15 billion and facilitating AED7 billion in Foreign Direct Investment (FDI). These initiatives have created approximately 28,000 industrial jobs across the UAE.

The AA rating is a testament to EDB’s disciplined financial management and strategic role as a provider of innovative financing solutions and banking services. This recognition further solidifies client trust and confidence as EDB continues driving sustainable economic growth.

With inputs from WAM