Emirates Development Bank

Last updated
Emirates Development Bank
Company typeGovernment State Owned Bank
Bank
Founded2015;10 years ago (2015); Abu Dhabi.
Founders
  • Sheikh Mansour bin Zayed Al Nahyan
Headquarters
Abu Dhabi
,
UAE
Website edb.gov.ae/en/ [1]


The Emirates Development Bank (EDB) is an Emerati state-owned financial institution established in 2015 in the United Arab Emirates under the patronage of Sheikh Mansour bin Zayed Al Nahyan, Deputy PM and Minister of Presidential Affairs of UAE. [2] [3] [4]

Contents

It is one of the largest banking groups in the Middle East in terms of assets. [5] [6]

The bank supports the country's economic development and industrial development by providing financial assistance and resources to large corporates, SMEs (small and medium-sized enterprises), and startups in the UAE. [7] [8] [9]

History

The bank is headquartered in Abu Dhabi, with branches in Dubai. [10] [11] [12] [13] [14] [15] [16]

In April 2021, the UAE government launched a new initiative to support the diversification of the nation's economy. [7] [8] [17] [18] [19] [20]

Activities

The primary service of the Emirates Development Bank is to provide financing services to start-ups, SMEs and large corporates in the UAE that operate within the manufacturing, healthcare, food security, advanced technology and renewables sectors. [21] [22]

UAE’s industrial strategy

The UAE's Ministry of Industry and Advanced Technology launched its industrial strategy in 2021. The 10-year comprehensive roadmap focuses on increasing the industrial sector's contribution to the country's gross domestic product from Dh133 billion in 2021 to Dh300bn in 2031. [23]

References

  1. ↑ Khan, Sarmad (June 1, 2023). "Emirates Development Bank 'on course to hit $8.2bn funding target by 2025'". The National.
  2. ↑ Khan, Sarmad (June 1, 2023). "Emirates Development Bank 'on course to hit $8.2bn funding target by 2025'". The National.
  3. ↑ "S&P affirms Emirates Development Bank's 'AA-' credit rating with stable outlook". Khaleej Times.
  4. ↑ Nagraj, Aarti (June 20, 2023). "EDB launches AgriTech loans scheme and plans to offer $27m to support food security sector". The National.
  5. ↑ "Emirates Development Bank reveals commitment to financing UAE renewables sector". Khaleej Times.
  6. ↑ Sharma, Alkesh (May 31, 2023). "Emirates Development Bank announces deals worth $115.4m at Make it in the Emirates forum". The National.
  7. 1 2 Nair, Manoj (March 2023). "With Dh6.1b in loans, Emirates Development Bank's longer tenors, lower rates a hit with UAE businesses".
  8. 1 2 "EDB aims to offer at least $1.6bn in financing this year, CEO says". 2 March 2023.
  9. ↑ Rahman, Fareed (April 17, 2023). "Fitch affirms 'AA-' rating of Emirates Development Bank with stable outlook". The National.
  10. ↑ Salian, Neesha (March 1, 2023). "Emirates Development Bank's financing rises 673% in 2022".
  11. ↑ "Emirates Development Bank, ADCB partner on credit guarantee scheme". IBS Intelligence.
  12. ↑ "With Dh6.1b in loans, Emirates Development Bank's longer tenors, lower rates a hit with UAE businesses". gulfnews.com. March 1, 2023.
  13. ↑ Khan, Sarmad (October 18, 2022). "Emirates Development Bank approves $1.12bn funding in first nine months of 2022". The National.
  14. ↑ "Emirates Development Bank Participates In Middle East Rail 2022, Addresses Its Role In Financing UAE's Key Infrastructure Projects". menafn.com.
  15. ↑ "UAE Banks Federation reiterates importance of supporting SMEs". www.gulftoday.ae.
  16. ↑ "Emirates Development Bank's Long-Term Issuer Rating Affirmed at "AA-" by Fitch Ratings". NNN. April 17, 2023.
  17. ↑ "Emirates Development Bank partners with UAE Ministry of Economy in support of food security". www.zawya.com.
  18. ↑ "Emirates Development Bank approves AED 6.1 billion in financing during 2022". wam. January 3, 2023.
  19. ↑ "Sharjah Chamber, Emirates Development Bank discuss financial solutions for industrial investors". wam. March 13, 2023.
  20. ↑ "Investopia seals partnership with Emirates Development Bank". www.tradearabia.com.
  21. ↑ Nagraj, Aarti (March 2, 2023). "EDB aims to offer at least $1.6bn in financing this year, CEO says". The National.
  22. ↑ Nagraj, Aarti (March 1, 2023). "EDB financing increased nearly eightfold to $1.6bn in 2022". The National.
  23. ↑ "Emirates Development Bank approves Dh2.4 billion in finance during H1". Khaleej Times.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.