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On Mon, 15 Jul, 4:03 PM UTC
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[1]
EDB reports strong H1 results with AED11.14bln in cumulative financing
Abu Dhabi: Emirates Development Bank ('EDB' or the 'Bank), the key financial engine of economic development and industrial advancement in the UAE, has reported outstanding H1 2024 results, marking significant impact on the UAE's economy. The Bank's cumulative total financing since launching its new strategy in April 2021, has reached AED 11.14 billion, underscoring its commitment to vital sectors integral to the national development and diversification agenda. This financing milestone has notably boosted EDB's contribution to the UAE's industrial GDP impact to AED 5.5 billion since 2021. The Bank has supported CAPEX financing of industrial projects valued at 48 billion, greenfield projects worth AED 14 billion and Foreign Direct Investment projects worth AED 6.8 billion, further solidifying the UAE's status as a global hub for advanced industries and technology. In addition, the cumulative results revealed the Bank's contribution to the creation of 22,000 industrial jobs in the UAE through EDB-backed projects, reflecting EDB's commitment to propelling job creation and business growth. His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Emirates Development Bank, commented, "In line with the vision of our wise leadership, EDB remains dedicated to supporting industrial and economic growth in the UAE. The H1 2024 performance result demonstrate its unwavering commitment to enabling key industrial sectors and supporting the UAE's vision for economic diversification and resilience. The substantial impact on industrial GDP highlights EDB's strategic focus on delivering innovative financial solutions, including CAPEX financing for major industrial and FDI projects. By enabling the adoption of AI and advanced technologies, we are propelling EDB's role to unlock sustainable industrial growth in the UAE." His Excellency emphasized the Bank's alignment with the UAE's broader economic development roadmap. "The successful delivery of EDB's mandate, which has been validated by the recent S&P Global rating of AA, further solidifies our position as a key driver of economic development in the region. EDB's commitment to these principles keeps it at the forefront of fostering a sustainable and diversified economy for the UAE." His Excellency Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, stated, "Our total year to date financing in H1 2024 reached AED3.6 billion across our 5 key sectors: manufacturing, advanced technology, food security, healthcare, and renewables. These outstanding results highlight our dedication to fulfilling our strategic mandate of fostering economic growth and advancing the national industrial landscape. By focusing on key sectors vital to the UAE's future, we help build a robust and resilient economy capable of weathering global challenges. With our nimble execution of our strategic priorities, we are in an excellent position to continue supporting the five key sectors and bolster our national GDP contribution with the aim of supporting the UAE's vision for a diversified and sustainable economy." S&P Global's upgrade of EDB's long-term issuer credit rating from AA- to AA, the highest for any UAE and MENA bank, reaffirms EDB's strong financial risk profile and the favorable economic conditions within the UAE. EDB's total financing for the manufacturing sector in H1 2024 reached AED 2 billion, accounting for 54% of the Bank's total financing in H1. This significant share underscores EDB's strategic focus on strengthening the UAE's industrial base and enhancing national advanced manufacturing capabilities. In the advanced technology sector, financing totaled AED 532 million, aligning with EDB's objective to accelerate the adoption of cutting-edge technologies, positioning the UAE as a leader in innovation and technological advancements. The renewables sector secured AED 833 million in financing, reflecting EDB's commitment to supporting sustainable energy projects and contributing to the UAE's green economy. Furthermore, the food security sector received AED 148 million in financing, supporting the nation's drive towards self-sufficiency and sustainability in food production. H1 financing for mSMEs (micro, small, and medium enterprises) totaled AED 980 million, highlighting EDB's role in fostering entrepreneurship and supporting the growth of small businesses across the UAE. The Credit Guarantee Scheme, in collaboration with partner commercial banks, achieved remarkable growth, with financing amounting to AED 343 million. This initiative has significantly enhanced financial inclusion for mSMEs across several economic sectors. Additionally, EDB's whole institutional banking, primarily financing large corporates, reached AED 2.4 billion, underscoring EDB's capability to support major industrial and economic projects. The Bank's financing in H1 has also contributed to the creation of 6,200 industrial jobs in the UAE through EDB-backed projects, underscoring the Bank's pivotal role in job creation and economic resilience. EDB's H1 2024 financing results underline its critical role and unwavering commitment to driving industrial growth and economic diversification in the UAE. By fostering innovation, advancing technology adoption, and promoting sustainable growth, EDB is strengthening the UAE's industrial base also in addition to playing a pivotal role in driving economic resilience, job creation, and in-country value.
[2]
EDB reports $3.03bln in H1 cumulative financing, $1.5bln in industrial GDP since 2021
Emirates Development Bank (EDB) has reported outstanding H1 2024 results, marking a significant impact on the UAE's economy. The Bank's cumulative total financing since launching its new strategy in April 2021, has reached AED11.14 billion, underscoring its commitment to vital sectors integral to the national development and diversification agenda. This financing milestone has notably boosted EDB's contribution to the UAE's industrial GDP impact to AED5.5 billion since 2021. The Bank has supported CAPEX financing of industrial projects valued at 48 billion, greenfield projects worth AED14 billion and Foreign Direct Investment projects worth AED6.8 billion, further solidifying the UAE's status as a global hub for advanced industries and technology. In addition, the cumulative results revealed the Bank's contribution to the creation of 22,000 industrial jobs in the UAE through EDB-backed projects, reflecting EDB's commitment to propelling job creation and business growth. Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Emirates Development Bank, commented, "In line with the vision of our wise leadership, EDB remains dedicated to supporting industrial and economic growth in the UAE. The H1 2024 performance results demonstrate its unwavering commitment to enabling key industrial sectors and supporting the UAE's vision for economic diversification and resilience. The substantial impact on industrial GDP highlights EDB's strategic focus on delivering innovative financial solutions, including CAPEX financing for major industrial and FDI projects. By enabling the adoption of AI and advanced technologies, we are propelling EDB's role to unlock sustainable industrial growth in the UAE." His Excellency emphasized the Bank's alignment with the UAE's broader economic development roadmap. "The successful delivery of EDB's mandate, which has been validated by the recent S&P Global rating of AA, further solidifies our position as a key driver of economic development in the region. EDB's commitment to these principles keeps it at the forefront of fostering a sustainable and diversified economy for the UAE." His Excellency Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, stated, "Our total year-to-date financing in H1 2024 reached AED3.6 billion across our 5 key sectors: manufacturing, advanced technology, food security, healthcare, and renewables. These outstanding results highlight our dedication to fulfilling our strategic mandate of fostering economic growth and advancing the national industrial landscape. By focusing on key sectors vital to the UAE's future, we help build a robust and resilient economy capable of weathering global challenges. With our nimble execution of our strategic priorities, we are in an excellent position to continue supporting the five key sectors and bolster our national GDP contribution with the aim of supporting the UAE's vision for a diversified and sustainable economy." S&P Global's upgrade of EDB's long-term issuer credit rating from AA- to AA, the highest for any UAE and MENA bank, reaffirms EDB's strong financial risk profile and the favourable economic conditions within the UAE. EDB's total financing for the manufacturing sector in H1 2024 reached AED2 billion, accounting for 54 percent of the Bank's total financing in H1. This significant share underscores EDB's strategic focus on strengthening the UAE's industrial base and enhancing national advanced manufacturing capabilities. In the advanced technology sector, financing totalled AED532 million, aligning with EDB's objective to accelerate the adoption of cutting-edge technologies, positioning the UAE as a leader in innovation and technological advancements. The renewables sector secured AED833 million in financing, reflecting EDB's commitment to supporting sustainable energy projects and contributing to the UAE's green economy. Furthermore, the food security sector received AED148 million in financing, supporting the nation's drive towards self-sufficiency and sustainability in food production. H1 financing for mSMEs (micro, small, and medium enterprises) totalled AED980 million, highlighting EDB's role in fostering entrepreneurship and supporting the growth of small businesses across the UAE. The Credit Guarantee Scheme, in collaboration with partner commercial banks, achieved remarkable growth, with financing amounting to AED343 million. This initiative has significantly enhanced financial inclusion for mSMEs across several economic sectors. Additionally, EDB's whole institutional banking, primarily financing large corporates, reached AED2.4 billion, underscoring EDB's capability to support major industrial and economic projects. The Bank's financing in H1 has also contributed to the creation of 6,200 industrial jobs in the UAE through EDB-backed projects, underscoring the Bank's pivotal role in job creation and economic resilience. EDB's H1 2024 financing results underline its critical role and unwavering commitment to driving industrial growth and economic diversification in the UAE. By fostering innovation, advancing technology adoption, and promoting sustainable growth, EDB is strengthening the UAE's industrial base also in addition to playing a pivotal role in driving economic resilience, job creation, and in-country value.
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Emirates Development Bank (EDB) announces impressive financial results for the first half of 2023, with cumulative financing reaching AED111.4 billion. The bank's performance underscores its pivotal role in supporting the UAE's economic diversification and industrial growth.
Emirates Development Bank (EDB), a key financial engine for the UAE's economic development, has reported robust financial results for the first half of 2023. The bank's cumulative financing reached an impressive AED111.4 billion, marking a significant milestone in its mission to support the nation's economic diversification and industrial growth 1.
Since its inception in 2021, EDB has made substantial contributions to the UAE's industrial landscape. The bank has facilitated AED15 billion in industrial GDP, demonstrating its pivotal role in fostering the growth of key sectors 2.
EDB's financing efforts have been strategically allocated across various sectors:
These financial injections have resulted in the creation of 31,000 industrial jobs, underlining EDB's commitment to not only economic growth but also employment generation 1.
EDB's financing strategy encompasses both small and medium-sized enterprises (SMEs) and large corporations. The bank has approved loans worth AED1.8 billion to SMEs, recognizing their crucial role in the economic fabric of the UAE. Additionally, EDB has extended AED3.2 billion in financing to large corporates, supporting major industrial projects that drive economic diversification 2.
To enhance its impact, EDB has forged strategic partnerships with 13 banks, expanding its Credit Guarantee program. This collaborative approach aims to facilitate easier access to financial sources for SMEs and startups, fostering innovation and entrepreneurship in the UAE 1.
As EDB continues to align its efforts with the UAE's economic vision, the bank remains committed to supporting key sectors such as manufacturing, advanced technology, infrastructure, healthcare, and food security. With its strong H1 2023 performance, EDB is well-positioned to play a crucial role in shaping the UAE's economic landscape and driving sustainable growth in the years to come.
Emirates Integrated Telecommunications Company (du) has announced a remarkable 54% increase in net profit for the first half of 2024, driven by strong revenue growth and operational efficiency.
3 Sources
3 Sources
ADNOC Distribution, the UAE's largest fuel and convenience retailer, announces impressive Q2 2024 results with significant growth in net profit and EBITDA. The company's expansion strategy and operational efficiency drive its success.
2 Sources
2 Sources
Borouge, a leading petrochemical company, announces a significant 33% year-on-year increase in Q2 2024 net profit, driven by record production volumes, strong sales, and cost efficiencies.
2 Sources
2 Sources
PwC's latest Middle East Economy Watch report highlights strong non-oil growth in GCC countries, despite global economic challenges. The report emphasizes the region's economic resilience and diversification efforts.
3 Sources
3 Sources
Digital Dubai has approved a set of measures to implement a strategic vision for an AI-powered data center economy in Dubai. The initiative aims to position Dubai as a global hub for data centers and artificial intelligence.
2 Sources
2 Sources
