Emirates Development Bank
| Company type | Government State Owned Bank |
|---|---|
| Bank | |
| Founded | 2015; Abu Dhabi. |
| Founders |
|
| Headquarters | Abu Dhabi ,UAE |
| Website | edb |
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]
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
- ^ 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.