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EDB also mobilised Dh351 million in capital in H1 2022 to support SMEs via its credit guarantee scheme. Image Credit: EDB

Abu Dhabi: Emirates Development Bank (EDB) mobilised Dh2.4 billion in loans to the UAE’s industrial sector in H1 2022, it was announced on Sunday, a 418 per cent increase compared to the Dh464 million approved from the launch of the bank’s new strategy in 2021.

This has also resulted in an increase in the bank’s contribution to the UAE’s national GDP to Dh1.9 billion as of H1 2022, a 356 per cent increase on the Dh425 million as of FY 2021.

“These results are a testament to the bank’s progress towards supporting the UAE’s economic diversification agenda and increasing its global competitiveness. By expanding access to capital, the bank is helping develop a global hub for industry, advanced technology, and the industries of future,” said Dr Sultan Ahmed Al Jaber, Chairman of the EDB Board and Minister of Industry and Advanced Technology.

EDB also mobilised Dh351 million in capital in H1 2022 to support SMEs via its credit guarantee scheme, a 109 per cent increase from the Dh168 million deployed across 2021.

The initiatives deployed by EDB are part of its new strategy to support the UAE’s industrial growth, adoption of advanced technology, enhancement of the role of SMEs and promotion of innovation and entrepreneurship through its tailored suite of products and services.

According to the EDB’s proprietary ‘Developmental Impact Scorecard’, which was created to ensure that the bank’s financing is focused towards businesses and projects that maximise economic impact for the UAE, 66 per cent of EDB’s transactions received a developmental score of at least 4 on a scale of 0-6 reflecting their positive contribution to the wider UAE economy and immense developmental impact.

Ahmed Mohamed Al Naqbi, CEO of EDB, said: “We have witnessed tremendous progress during the first half of 2022.”

“Over the past period, we worked tirelessly to strengthen our capabilities partnerships, share our vision with industry leaders, and cement our role in driving the national economy to reach greater heights and consolidate its pioneering position. As we look forward to the remainder of this year, we remain committed to providing an all-encompassing business ecosystem for SMEs and startups, as well as redouble our efforts to deliver best-in-class solutions to a wider customer base.”