Emirates Development Bank approves financing for residential housing for AED 1.45 billion
The Executive Director of the Emirates Development Bank, Faisal Aqeel, revealed that the bank has approved housing finance amounting to AED 1.45 billion, in addition to AED 408 million for small and medium-sized enterprises managed by UAE nationals, from 2015 until the end of the first quarter of 2008.
The bank has approved AED 1.45 billion in housing finance and AED 408 million for small and medium-sized enterprises run by UAE nationals from 2015 until the end of the first quarter of the year.
Aqeel said in a press conference in Abu Dhabi yesterday that the funds actually received from the accumulated balance amounted to 1.1 billion dirhams for housing and 356 million dirhams for projects until the end of last year.
He pointed out that the bank has a program to guarantee the loans provided by national banks for small and medium enterprises by up to 85% for new companies and 70% for existing companies.
Akil added that the bank has a program to issue sukuk worth five billion dollars, of which $ 750 million was issued, considering that this is sufficient at the moment.
Aqeel said that the Bank is 100% focused on providing solutions to UAE nationals, either to own their own homes or to help grow their startups and businesses they own or manage. The Bank's objectives are in line with the UAE's 2021 vision to support the government's ambitions, The contribution of SMEs to non-oil GDP, and to accelerate the time taken to obtain a loan or home for state citizens.
He said that the bank does not attract any deposits at the moment, but pointed out that this may happen in the future.
He said that the Emirates Bank for Development (AA) rating from Fitch Ratings is a testament to the Bank's outstanding performance and achievements in the banking sector in the UAE.
He pointed out that the most important achievements of the bank is the announcement in March of the issuance of bonds worth $ 750 million, which attracted investments from all over the world and is now listed on the NASDAQ Dubai, pointing out that the capital raised will help Supporting the Bank's business activities and benefiting the UAE economy directly.
He added that the Credit Guarantee Program was also launched to finance small and medium-sized companies in the amount of AED 100 million during the current year, noting that Emirates Bank for Development provides financing coverage of up to AED 2 million for start-up companies with an 85% guarantee and financing of up to AED 5 million And 70% of the loan amount.