Emirates Development Bank approves Dhs4.4bn in loans in first nine months of 2022 Emirates Development Bank approves Dhs4.4bn in loans in first nine months of 2022
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Emirates Development Bank approves Dhs4.4bn in loans in first nine months of 2022

Emirates Development Bank approves Dhs4.4bn in loans in first nine months of 2022

Emirates Development Bank approved Dhs1.3bn towards financing mSMEs and Dhs3.1bn to fund industrial development and infrastructure projects

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Emirates Development Bank Dr Sultan Al Jaber

Emirates Development Bank (EDB) recently held its annual board meeting to review its results for the period ending September 30.

At the meeting, the board also discussed EDB’s major achievements over this period, including its approval of Dhs4.4bn in loans in the nine months ending September, representing a 59 per cent increase over the previous quarter and a 588 per cent increase compared to the same period last year.

In total, this financing boosted the bank’s contribution to the UAE’s GDP to Dhs2.6bn ending September, a 625 per cent increase compared to the same period of 2021.

A total of Dhs1,291m in loans was approved to SMEs during this period, representing an 86 per cent increase over the same period of 2021. This comprised Dhs806m in direct financing and Dhs485m in indirect financing through EDB’s credit guarantee scheme with partner commercial banks.

A total of Dhs3.1bn in loans was approved for large corporates. The bank’s ‘Large Corporate’ division has been supporting the UAE’s national priority sectors with projects in key areas, including data centres, water desalination, transportation, hospitals, manufacturers, and specialised logistics, among others.

The UAE industrial strategy aims to boost the GDP contribution of the industrial sector from Dhs133bn to Dhs300bn by 2031.

As the nation’s development bank, the economic impact is what drives EDB’s financing activities, contributing to an estimated Dhs2.6bn in non-oil GDP in the UAE year-to-date (YTD). As part of its commitment to fostering homegrown innovation, EDB provided a total of Dhs3bn in financing to Emirati-owned businesses.

The bank digitally onboarded 1,377 customers through its digital ‘Business Banking’ platform YTD. Through its mobile application, the account opening process can be completed within 48hours.

EDB recently launched its digital lending programme in partnership with Beehive, which approves loans of up to Dhs5m within five days for SMEs.

Read: Emirates Development Bank to approve loans of up to Dhs5m to SMEs, startups within five days

Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, chairman of EDB, said: “Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, chairman of Emirates Development Bank, said: “In line with the wise leadership’s directives, EDB works under the umbrella of the comprehensive vision for the national economy that seeks to position the country as a global hub for industry, advanced technology and the industries of future, and guarantee our industrial, food, and technological security. The impressive results of the first nine months that EDB has yielded so far are a testament to the bank’s efforts in supporting the UAE’s economic diversification agenda, contributing to the UAE’s GDP and ultimately, building a more sustainable economic future for the UAE.”

Ahmed Mohamed Al Naqbi, CEO of EDB, said: “Emirates Development Bank continues to execute its transformational agenda to foster a progressive and resilient economy in the UAE. Over the last nine months, we have approved over Dhs4.4bn in loans to startups, SMEs, and large-cap businesses as part of our commitment to providing Dhs30bn in financing by 2026 to develop and diversify the UAE economy.

“Looking ahead, we remain focused on continuing to provide financial support at attractive financing rates to all our customers. Thanks to the prudent support of the UAE government, EDB is well positioned to further progress our developmental strategy, scale up the bank’s financing activities across our five strategic sectors, and ultimately increase our economic impact across the nation.”

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