Abu Dhabi: Emirates Development Bank ('EDB' or the 'Bank'), the key financial engine for economic development and industrial advancement in the UAE, has announced its full-year results for 2024, showcasing its significant economic contribution and pivotal role in driving economic diversification and resilience in the UAE.
According to Emirates News Agency, EDB's financing since the launch of its transformational strategy in 2021 has reached AED15.7 billion, increasing the Bank's contribution to the UAE's industrial GDP impact to AED7.4 billion by the end of 2024. EDB's economic impact was further demonstrated through a notable increase in the CAPEX and FDI financing indicators. The bank has mobilised a total of AED50.2 billion in CAPEX financing, which supported AED15 billion in greenfield projects, and facilitated AED7 billion in Foreign Direct Investment (FDI) since 2021.
In addition, EDB's financing has contributed to the creation of 28,000 industrial jobs in the UAE, underlining the Bank's commitment to job creation and economic opportunity. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Emirates Development Bank, stated that the results achieved by the Bank in 2024 build on the momentum gained since the launch of its transformational strategy in 2021. The bank has reaffirmed its commitment to fostering sustainable economic growth and diversification, in line with the UAE's national development goals.
Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, emphasized that 2024 marked a defining year of exceptional progress for EDB, with AED8.7 billion in financing-a 222% increase from 2023-resulting in a notable AED4.1 billion contribution to the UAE's industrial GDP and the creation of over 14,000 jobs in industrial sectors. These achievements highlight EDB's role in driving innovation, advancing industrial development, and promoting financial inclusion.
In 2024, EDB focused on enhancing its operating model, developing its FDI proposition, and launching new products and trade desk capabilities. The Bank introduced "EDB Smart Connect," an innovative cash management solution, offering clients secure and real-time access to their accounts anytime, anywhere. Additionally, EDB rolled out six trade finance products and provided AED1.2 billion through trade finance solutions in 2024.
The manufacturing sector remained at the forefront of EDB's strategic focus, receiving AED4.23 billion in financing throughout the year. EDB sustained its contributions to technological and sustainable innovation in 2024, with AED1.2 billion supporting renewable energy projects. Financing for advanced technology reached AED3 billion, while total financing to the food security sector amounted to AED1.22 billion, and the healthcare sector received AED1.14 billion.
Supporting the growth of micro, small, and medium enterprises (mSMEs) remained a core priority in 2024, with total financing for these enterprises reaching AED3 billion. These efforts enhance financial inclusion and showcase EDB's role as a strategic partner for mSMEs, fostering their growth and bridging critical financing gaps.
EDB's strong financial performance and strategic focus have been recognized by S and P Global, which has upgraded the Bank's credit rating to AA, the highest among financial institutions in the UAE and MENA region. This milestone highlights the clarity of EDB's strategy, its robust financial profile, and its alignment with national development priorities.
Moving into 2025, EDB is well-positioned to accelerate its contributions to the UAE's economic agenda, with priorities including reaching a financing target of AED23 billion and driving the use of AI technologies to enhance operational efficiency. EDB will continue to drive growth in critical sectors through industrial co-lending partnerships, scaling digital transformation, and fostering sustainable economic development aligned with the UAE's vision for diversification.