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]
| Company type | Government State Owned Bank |
|---|---|
| Bank | |
| Founded | 2015; Abu Dhabi. |
| Founders |
|
| Headquarters | Abu Dhabi , UAE |
| Website | edb |
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
editThe 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
editThe 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
editThe 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
edit- ^ Khan, Sarmad (June 1, 2023). "Emirates Development Bank 'on course to hit $8.2bn funding target by 2025'". The National.
- ^ Khan, Sarmad (June 1, 2023). "Emirates Development Bank 'on course to hit $8.2bn funding target by 2025'". The National.
- ^ "S&P affirms Emirates Development Bank's 'AA-' credit rating with stable outlook". Khaleej Times.
- ^ Nagraj, Aarti (June 20, 2023). "EDB launches AgriTech loans scheme and plans to offer $27m to support food security sector". The National.
- ^ "Emirates Development Bank reveals commitment to financing UAE renewables sector". Khaleej Times.
- ^ Sharma, Alkesh (May 31, 2023). "Emirates Development Bank announces deals worth $115.4m at Make it in the Emirates forum". The National.
- ^ a b Nair, Manoj (March 2023). "With Dh6.1b in loans, Emirates Development Bank's longer tenors, lower rates a hit with UAE businesses".
- ^ a b "EDB aims to offer at least $1.6bn in financing this year, CEO says". 2 March 2023.
- ^ Rahman, Fareed (April 17, 2023). "Fitch affirms 'AA-' rating of Emirates Development Bank with stable outlook". The National.
- ^ Salian, Neesha (March 1, 2023). "Emirates Development Bank's financing rises 673% in 2022".
- ^ "Emirates Development Bank, ADCB partner on credit guarantee scheme". IBS Intelligence.
- ^ "With Dh6.1b in loans, Emirates Development Bank's longer tenors, lower rates a hit with UAE businesses". gulfnews.com. March 1, 2023.
- ^ Khan, Sarmad (October 18, 2022). "Emirates Development Bank approves $1.12bn funding in first nine months of 2022". The National.
- ^ "Emirates Development Bank Participates In Middle East Rail 2022, Addresses Its Role In Financing UAE's Key Infrastructure Projects". menafn.com.
- ^ "UAE Banks Federation reiterates importance of supporting SMEs". www.gulftoday.ae.
- ^ "Emirates Development Bank's Long-Term Issuer Rating Affirmed at "AA-" by Fitch Ratings". NNN. April 17, 2023.
- ^ "Emirates Development Bank partners with UAE Ministry of Economy in support of food security". www.zawya.com.
- ^ "Emirates Development Bank approves AED 6.1 billion in financing during 2022". wam. January 3, 2023.
- ^ "Sharjah Chamber, Emirates Development Bank discuss financial solutions for industrial investors". wam. March 13, 2023.
- ^ "Investopia seals partnership with Emirates Development Bank". www.tradearabia.com.
- ^ Nagraj, Aarti (March 2, 2023). "EDB aims to offer at least $1.6bn in financing this year, CEO says". The National.
- ^ Nagraj, Aarti (March 1, 2023). "EDB financing increased nearly eightfold to $1.6bn in 2022". The National.
- ^ "Emirates Development Bank approves Dh2.4 billion in finance during H1". Khaleej Times.