“The Bank” contributed to the country’s GDP with a value of 1.91 billion dirhams

Emirates Development supports 1,350 small and medium-sized companies within a year

Emirates Development has succeeded in providing credit guarantees amounting to 332 million dirhams.

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The Emirates Development Bank reported record growth during the first year of launching its new strategy.

He pointed out, during a review of the results achieved during the past 12 months, that the bank’s contribution to the country’s GDP increased to 1.91 billion dirhams, and the provision of direct and indirect financing for the benefit of 1,350 small and medium companies operating in the priority sectors, in addition to launching a platform to guarantee financing. Through it, the bank succeeded in providing credit guarantees amounting to 332 million dirhams.

This announcement came during the first meeting of the current year of the bank’s board of directors, during which the results achieved during the past 12 months, which witnessed the bank’s progress in implementing the priorities of its new strategy, were reviewed.

The bank's new plan includes allocating a financing portfolio of 30 billion dirhams to support more than 13,500 new companies by 2025.

During the meeting, the CEO of the Emirates Development Bank, Ahmed Mohammed Al Naqbi, presented to the board members the report on the results of the first year of launching the strategy, which included a detailed presentation of the most prominent achievements, foremost of which was the increase in the bank’s contribution to the country’s GDP to reach 1.91 billion dirhams, and the provision of financing Direct and indirect for the benefit of 1,350 small and medium companies operating in priority sectors, in addition to launching a financing guarantee platform through which the bank succeeded in providing credit guarantees worth 332 million dirhams.

The list of the bank’s achievements during the first year of implementing its new strategy included launching a special section for major companies in less than a year, in addition to launching a digital banking application for emerging, small and medium companies that succeeded in opening more than 1,000 digital bank accounts within less than six months of its launch.

Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of the Board of Directors of the Emirates Development Bank, said: “Thanks to the vision and directives of the wise leadership, the UAE has achieved great growth and remarkable progress in many sectors that today have turned into an effective contributor to the country’s domestic product.

Through the Emirates Development Bank and its new strategy, we seek to accelerate the growth of the industrial sector to keep pace with the comprehensive national development process, by enhancing the bank’s vital role in providing financing and non-financing solutions that support the work of large, medium, small and emerging companies in the industrial sector.”

For his part, Minister of State for Entrepreneurship and Small and Medium Enterprises, Vice Chairman of the Board of Directors, Dr. Ahmed Belhoul Al Falasi, said: “The past year was pivotal for the bank, in terms of the financial and strategic achievements it achieved, foremost of which was providing 1.52 billion dirhams of financing for projects in priority sectors. And he concluded partnerships with nine commercial banks, which resulted in the provision of credit guarantees worth 332 million dirhams.

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