Emirates Development Bank Elevates UAE's Industrial GDP By 80% In 2023

The Emirates Development Bank (EDB), a cornerstone of economic development and industrial progress in the UAE, has announced its remarkable achievements for the year 2023. Demonstrating a significant 80 percent increase in its contribution to the UAE’s industrial GDP, the figures rose from AED2.4 billion in 2022 to an impressive AED4.3 billion in 2023. Additionally, EDB's efforts have led to the creation of 17,219 jobs, underlining its dedication to promoting economic growth and development across the nation.

These annual results highlight EDB's crucial influence on the country's key economic sectors, aligning with the UAE's strategy for industrial diversification and sustainable growth. Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Emirates Development Bank, stated, "In line with the UAE leadership’s vision for Emirates Development Bank to be a key financial enabler of the UAE’s Industrial Strategy, and play an effective role in supporting sustainable economic and social development, the Bank continues its significant achievements which reinforce the nation's economic resilience and advancement."

Dr. Al Jaber further elaborated on EDB’s dynamic strategy that has significantly reshaped the UAE's industrial sector, leading to a notable increase in the industrial GDP impact in 2023. The total net financing approvals since the initiation of EDB’s strategy in 2021 have reached AED8.7 billion.

The Bank’s innovative financing solutions and patient debt approach have been pivotal in supporting industrial growth, SMEs, and technological advancements, aligning with the strategic objectives of the UAE government. Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, remarked on the milestone year of 2023 for EDB in bolstering the UAE's economic growth and industrial advancement.

Al Naqbi highlighted a significant 72 percent increase in SME financing approvals amounting to AED3.3 billion, showcasing EDB’s commitment to supporting the economy's backbone. Additionally, EDB approved AED1.3 billion in financing under the Credit Guarantee Scheme with partner banks, marking a 64 percent increase from the previous year and enhancing financial inclusion for SMEs.

EDB also launched five new programmes worth over AED500 million in financing, including two pioneering programmes dedicated to agritech and solar energy projects. This move aligns with the UAE’s climate goals and net-zero ambitions, showcasing EDB’s comprehensive approach to economic development.

The Bank is on a mission to approve AED30 billion in financing support to 13,500 companies across five sectors – manufacturing, food security, healthcare, technology, and renewables - by 2026. This ambitious goal underscores EDB's role as a catalyst for economic growth in the UAE.

With inputs from WAM