222 % growth in Emirates Development Bank’s financing during 2024

Abu Dhabi, February 20 / WAM / The Emirates Development Bank announced the main financial engine for economic diversification and industrial transformation in the UAE, its annual results for the year 2024, which showed its great economic contribution and its pivotal role in promoting flexibility and stimulating economic diversification in the country.
The results showed that the total volume of funds provided by the bank since the launch of its new strategy in 2021 to 15.7 billion dirhams, which raised its contribution to the state’s GDP to 7.4 billion dirhams at the end of the year 2024.
The total funds made during the past year amounted to 8.7 billion dirhams, a noticeable increase of 222% compared to 2023.
The bank’s economic impact is more evident through the significant increase in financing indicators of capital expenses and foreign direct investment, as the bank mobilized the value of capital investment financing amounting to 50.2 billion dirhams, in addition to its support to establish new projects worth 15 billion dirhams, and foreign investment was attracted to value 7 billion dirhams since April 2021.
These funds reflect the bank’s commitment to support the industrial sector and enhance the investment attractiveness of the UAE, which contributes to enhancing its position as a global destination for innovation and economic growth, and the bank also contributed through the funds it provided in providing 28,000 job opportunities in the industrial sector in the UAE, which reflects its firm commitment to support Creating jobs and enhancing the use of promising economic opportunities.
His Excellency Dr. Sultan Ahmed Al -Jaber, Minister of Industry and Advanced Technology, Chairman of the Emirates Bank for Development, said: In line with the vision of the wise leadership, the bank continues to focus on supporting the growth of the industrial sector and sustainable economic development and enhancing the investment attractiveness of the UAE, and confirms the distinguished results achieved by the bank in 2024 The sustainability of its growth since the launch of its new strategy in 2021.

His Excellency added that achieving 15.7 billion dirhams as a total financing, with allocating large sums for manufacturing, advanced technology and renewable energy, is evidence of the bank’s firm commitment to its strategic priorities and contributing to stimulating growth and enhancing economic diversification in line with national development plans, as it is a practical embodiment of the directives of the rational leadership that focuses Its future vision is far to ensure economic growth Sustainable.
His Excellency emphasized the commitment to employing advanced technology to create distinct financial solutions and launch qualitative initiatives that support the achievement of the strategic priorities of the bank, as these results constitute a clear evidence of the bank’s ability to fulfill its obligations, support the growth of priority sectors, enhance the competitiveness of the industrial sector, ensure the elasticity of the national economy, and consolidate the status The global economy of the UAE.
His Excellency Ahmed Mohamed Al Naqbi, CEO of the Emirates Development Bank, said: The year 2024 represented a pivotal year in the exceptional progress of the Emirates Development Bank, as the total funds provided amounted 4.1 billion dirhams in the GDP of the UAE, and create more than 14,000 A job opportunity in the industrial sectors, and these achievements reflect the march of sustainable growth and the strategic impact across the main sectors that are in line with the priorities of the national development of the UAE.
Al -Naqbi added that the bank succeeded by stimulating innovation and enhancing industrial development and financial inclusion, in establishing its position as a major financial engine that supports the economic transformation in the state, noting that these results confirm the positive impact of the bank’s innovative financing solutions and the level of confidence that customers and partners put in the bank.

Regarding the bank’s aspirations for the year 2025 and beyond, he said that the Emirates Development Bank has a strong position that qualifies it to push more progress in the fields of industry, technology, entrepreneurship and attract foreign direct investment, and contribute to the formation of a flexible national economy and ready for the future.
During the year 2024, Emirates Development Bank focused on enhancing its operational model, and developing innovative solutions to attract foreign direct investment, as well as launching new products and services to enhance its capabilities in the field of commercial financing.
In this context, the bank launched the “Edb Smart Connect”, which is a sophisticated digital platform for the management of criticism that provide customers safe and safe to their accounts, at any time and from anywhere, and was able to attract more than 50 customers, providing integrated banking solutions that meet the needs of advanced companies In the UAE, the bank’s commitment to promoting digital transformation.
The bank also launched six new products for commercial finance, and provided commercial financing amounting to 1.2 billion dirhams during the year 2024, which embodies its commitment to supporting companies and enhancing their sustainable growth, and its contribution to developing the national economy.
The industry sector exported the UAE Bank for Development Priorities during the year 2024, as it received funds amounting to 4.23 billion dirhams, equivalent to 49% of the total annual financing.
This support contributed to achieving significant progress in industrial projects in the country, which confirms the bank’s commitment to strengthening national capabilities in manufacturing.
The bank continued its role in supporting advanced technology and renewable energy, as it provided funds worth 1.2 billion dirhams for renewable energy projects, confirming its commitment to the UAE’s goals to achieve carbon neutrality. The value of the cumulative funds for the advanced technology sector amounted to 3 billion dirhams, which reflects the bank’s keenness to adopt and develop modern industrial technologies.
For other major sectors, the value of the total funds provided to the food security sector amounted to 1.22 billion dirhams, while the healthcare sector received 1.14 billion dirhams, which reflects the bank’s orientation towards supporting the basic sectors to enhance sustainable development in the country.
These results reflect the efforts of the Emirates Development Bank in strengthening the strategic sectors that support the country’s competitiveness globally and establish its position as a major contributor to the sustainable global economy.
Among the most prominent priorities of the bank during the year 2024 was the support of micro -projects growth and small and medium -sized companies, as the total funds provided to this sector amounted to 3 billion dirhams, and these funds were distributed over 758 million dirhams through the financing guarantee program in cooperation with 11 commercial banks, and 2.1 One billion dirhams as direct funds, in addition to 107 million dirhams to support micro projects.
These initiatives reflect the bank’s commitment to enhance financial inclusion, and to consolidate its role as a strategic partner that supports the growth of this vital sector and contributes to filling the financing gaps it faces.
In another context, the international rating agency “Standard & Poor’s” raised the long -term credit rating of the Emirates Development Bank to “AA”, which is the highest among financial institutions in the UAE and the Middle East and North Africa region.
This achievement reflects the clarity of the bank’s strategy, the durability of its financial position, and its compatibility with the priorities of national development.
The Emirates Development Bank aims in 2025 to continue to enhance its contributions to support the economic agenda of the UAE. His priorities include achieving a financing goal of 23 billion dirhams, and enhancing the efficiency of operational operations by adopting artificial intelligence technologies, such as automating robotic processes and machine learning.
The bank will continue its efforts to advance growth in its main sectors through the joint financing partnerships of the industrial sector, expand the scope of digital transformation, and enhance sustainable economic development, in line with the UAE vision aimed at enhancing economic diversification.

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