Emirati government-owned bank
Emirates Development Bank Company type Government State Owned Bank Bank Founded 2015; 10 years ago (2015 ) ; Abu Dhabi . Founders Sheikh Mansour bin Zayed Al Nahyan Headquarters Abu Dhabi
, UAE
Website edb [ 1]
The Emirates Development Bank (EDB) is an Emeriti 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]
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 startups, SMEs, and large corporates in the UAE that operate within the manufacturing, healthcare , food security, advanced technology, and renewables sector.[ 21] [ 22]
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
^ 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 .
