EDB: $953m GDP Boost, 12,000 Jobs Created in UAE in 2022
Emirates Development Bank (EDB), the state-owned lender focused on financing the UAE's priority sectors, made significant contributions to the country's economy in 2022, providing over Dh3.5 billion ($953 million) and supporting the creation of more than 12,000 industrial jobs.
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Emirates Development Bank Boosts UAE's Economic Growth and Innovation
Looking ahead, EDB has ambitious targets to provide Dh30 billion in support to 13,500 companies by 2026, which is expected to contribute Dh10 billion to the country's economic output. The bank's flexible financing programs for micro, small, and medium enterprises (mSMEs) and large corporates have been instrumental in driving sustainable growth and diversification of the UAE's economy, along with the rapid adoption of advanced technologies across various industries.
EDB's Robust 2022 Performance: Dh6.1 Billion Loans Approved, Focus on UAE's Industrial Advancement
EDB's strong financial performance in 2022 includes approving Dh6.1 billion in loans, with Dh1.8 billion allocated for SMEs and Dh4.3 billion for large corporates. This year, EDB aims to approve loans worth Dh6 billion or more, maintaining the level of funding achieved last year. As a key financial engine for the UAE's economic development and industrial advancement, EDB offers direct and indirect financing to businesses and projects in its five priority sectors: manufacturing, infrastructure, advanced technology, food security, and healthcare. The bank is closely aligned with the UAE's industrial strategy, which aims to increase the sector's contribution to GDP to Dh300 billion by 2031.
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EDB's Proactive Initiatives Drive UAE's Growth: Agriculture Tech Loans and Digitalization Push
EDB has been proactively launching initiatives to support the UAE's growth objectives. Last month, it introduced an agriculture technology loans program, earmarking Dh100 million to bolster the country's food security sector. With a focus on digitalization, EDB plans to strengthen its platform for financial technology providers, enabling mSME customers to access financing and adopt FinTech solutions. The bank intends to launch various self-service channels through online and app-based platforms, eliminating the need for customers to visit branches for transactions like fund drawdowns, account statements, and balance inquiries.
EDB's Crucial Role in UAE's Climate Action Agenda and Future Growth Plans
In line with the UAE's commitment to addressing climate change, EDB will play a key role in supporting the country's climate action agenda. By financing sustainable and renewable energy projects and technologies, EDB aims to align with national development priorities and initiatives as the UAE prepares to host the Cop28 climate conference in November. As EDB looks to the future, it plans to enhance its wholesale banking capabilities, focus on specialized sector-focused products like AgriTech, and strengthen partnerships to be at the forefront of industry-related finance. The bank also seeks to increase its staff by approximately 50 percent this year across various customer-facing and back-end operational and IT roles to further bolster its mSME division.
