(MENAFN- Mid-East)
Dubai, United Arab Emirates,August 2024: Emirates Development bank (EDB) has received recognition at the Global Economics Awards 2024, securing two distinguished honors: Best Financing Solution for Economic Development – UAE 2024 and Best Bank for Industrial Development – UAE 2024. These accolades highlight EDB's pivotal role in propelling economic growth and advancing industrial development in the UAE.
“We are truly honored to receive these awards, which highlight our significant contributions to sustainable economic growth and innovation across various sectors in the UAE. By specializing our financing solutions and fostering strategic partnerships, we continually create opportunities that align with our national development agenda and drive economic growth. Our commitment to financial inclusion and our focus on economic impact empower businesses to enhance their technological capabilities in key national industrial sectors, ultimately boosting their contributions to the UAE's economy,” stated His Excellency Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank.
The awards reflect EDB's commitment to providing innovative financing solutions that align with the national vision of empowering private sector businesses for sustainable success. Since its inception, EDB has been committed to driving national economic impact and significantly contributing to the non-oil GDP, national employment, and in-country value generation. Focusing on five priority sectors-manufacturing, food security, healthcare, advanced technology, and renewables.
In the first half of 2024, EDB achieved significant milestones that underscore its commitment to fostering a diversified, resilient, and innovation-led economy. Since April 2021, the Bank has facilitated cumulative total financing of AED 11.14 billion, bringing its contribution to the UAE's industrial GDP impact to AED 5.5 billion. During this period, EDB has supported capital expenditure financing for industrial projects valued at AED 48 billion, including greenfield projects worth AED 14 billion and Foreign Direct Investment projects totaling AED 6.8 billion. Additionally, through EDB-backed initiatives, 22,000 industrial jobs have been created, reflecting the Bank's dedication to economic growth and industrial development.
S&P Global recently upgraded EDB's long-term issuer credit rating from AA- to AA, the highest for any UAE and MENA bank, reaffirming EDB's strong financial risk profile and the favorable economic conditions within the UAE.
About Emirates Development Bank:
Emirates Development Bank [EDB], the UAE's development bank, is a key financial engine for the UAE's economic development and industrial advancement. EDB provides financial and non-financial support to businesses of all sizes from start-ups, SMEs to corporates driving economic competitiveness across five strategic priority sectors: advanced technology, food security, healthcare, renewables, and manufacturing. EDB was established under Federal Law by Decree No. 07 of 2011 issued by the late Sheikh Khalifa bin Zayed Al Nahyan and became operational in June 2015.
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