2024-04-04 23:37:25
The Emirates Development Bank achieved a record increase in its cumulative contributions to the country’s industrial gross domestic product, reaching 4.9 billion dirhams in the first quarter of 2024, bringing the total volume of financing provided by the bank since the launch of its new strategy in 2021, to 10.4 billion. Dirham.
These results were reviewed during the Board of Directors meeting, which was chaired by the Minister of Industry and Advanced Technology, and Chairman of the Board of Directors of the Emirates Development Bank, Dr. Sultan Ahmed Al Jaber, to review the bank’s results for the period ending on March 31, 2024.
The bank’s performance results for the past three years revealed significant progress driven by the bank’s strategic focus on priority sectors in the UAE’s national development agenda. This included achieving a 665% increase in the value of financing provided to small and medium-sized companies to reach 3.4 billion dirhams, as well as recording a 2.942% increase in financing for large companies, which reached 5.5 billion dirhams, in addition to the financing guarantee program achieving a record growth in financing distributed to reach 5.5 billion dirhams. 1.4 billion dirhams.
The bank’s contribution also included providing 18,606 thousand job opportunities in the industrial sector in the UAE, which reflects its commitment to providing jobs and business development. The results also confirm the bank’s pivotal role in achieving the country’s vision of promoting economic diversification and contributing to stimulating sustainable growth, in addition to the significant impact of the support it provides to the UAE’s strategic priority economic sectors.
On this occasion, Dr. Sultan Ahmed Al Jaber said: “The bank’s achievements embody its commitment to contribute to implementing the vision and directives of the leadership in the UAE by building a developed and diversified future economy, and supporting the growth of the country’s non-oil gross domestic product. The distinguished results achieved by the bank over the past three years are a reflection of its vital contributions in empowering companies and supporting the main development sectors, which are the basic building block for establishing a flexible, prosperous economy that competes with major economies globally.”
He stated that the bank provides a comprehensive set of financial and non-financial solutions to a large number of companies operating in the UAE across five priority sectors, starting from small and medium companies, all the way to large companies.
He said: “The bank’s strategic initiatives and strong financial support have effectively contributed to achieving the goals of our national agenda and raising the industrial gross domestic product, as the volume of financing provided by the bank has reached 10.4 billion dirhams since the launch of its strategy in April 2021, which enhances the bank’s efforts to empower more than 13,500 thousand people.” company by 2026.
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