Emirates Development Bank contributes Dh1.91b to UAE GDP in 2021
EDB onboards over 1,000 business banking accounts in 6 months of its banking app launch
Abu Dhabi: Emirates Development Bank (EDB) contributed Dh1.91 billion to the UAE’s GDP growth in 2021 it said on Sunday, and was involved in direct and indirect financing of 1,350 SMEs across priority sectors.
The announcement came at EDB’s first board meeting of 2022.
It also launched the new Credit Guarantee platform that was able to mobilise more than Dh332 million capital to SMEs.
The results underline the success of the bank’s new strategy, which was launched in March 2021 to support UAE’s industrial development, accelerate the adoption of advanced technologies, and empower the growth of SMEs in the UAE. This will be achieved through the growth and development of large corporations and SMEs in five key sectors: manufacturing, advanced technology, infrastructure, healthcare and food security. As part of its strategy, EDB will also facilitate direct and indirect lending totaling Dh30 billion by 2025, which is expected to support more than 13,500 companies.
Other key achievements of the EDB include the launch of a large corporate banking division in less than a year and a digital banking application focused on SMEs and start-ups. In its first six months, over 1,000 digital banking accounts have been registered.
Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of EDB, said: “Over the years, the UAE has achieved significant growth and progress across various sectors that are now actively contributing to the nation’s GDP growth. Through the EDB and its new strategy, we aim to ensure that the industrial sector keeps pace with that growth and achieves the aspirations of the UAE leadership. The EDB plays a critical role in realizing these aspirations by providing the necessary financial and non-financial support to SMEs and large corporations in key industrial sectors.”
Over the past 12 months, to help accelerate its strategy and attract FDI into the UAE, the EDB has signed Memorandums of Understanding with 26 partners, including banks, public and private sector entities, chambers of commerce and free zones.
The Abu Dhabi-headquartered EDB offers financial and non-financial support to SMEs, startups and large corporates operating in strategic priority sectors in the UAE, as a step to boost their contribution to the country’s non-oil GDP.