UAE Financial Institution Pumps AED 3.4 Billion into Business!
In a revelation, a financial institution in the UAE has announced figures in its financing endeavours. With a record increase in total financing, the institution has led its contribution to the country's industrial GDP impact to unusual levels, standing at AED 10.4 billion.
The unveiling of these results occurred during a recent Board meeting, chaired by His Excellency Dr. Sultan Ahmed Al Jaber, who also serves as the Minister of Industry and Advanced Technology. The meeting served as a platform to review the institution's performance for the period ending 31 March 2024.
Looking into the specifics, the institution, over a three-year period, showcased progress by focusing on priority sectors crucial to the UAE's national development agenda. Among these notable achievements include a 665 percent increase in cumulative financing to SMEs, reaching a total of AED 3.4 billion. Additionally, there was a surge of 2,942 percent in large corporate loans, totalling AED 5.5 billion in cumulative financing during the same period. Collaborative efforts through the bank's Credit Guarantee Scheme with partner commercial banks resulted in a growth in financing, amounting to AED 1.4 billion.
Beyond the financial realm, the institution's contribution extended to the creation of 18,606 industrial jobs in the UAE, reflecting its commitment to leading job creation and business growth.
While these results underscore the institution's substantial impact on the nation's priority economic sectors, there are implications to consider. Despite the strides made in financing and job creation, there may be challenges or areas needing further attention. For instance, ensuring equitable access to financing across all sectors and regions within the UAE could be an ongoing concern. Additionally, sustaining job creation momentum and favouring a conducive environment for business growth amidst evolving economic landscapes may pose continued challenges.
Nevertheless, the institution's achievements reflect its important role in the UAE's vision for industrial diversification and sustainable growth, aligning closely with the leadership's objectives for future economic prosperity. As His Excellency Dr. Sultan Ahmed Al Jaber expressed, these outstanding results affirm the institution's role as a key financial engine leading economic growth and industrial advancement in the UAE.
Looking ahead, the institution remains steadfast in its commitment to empowering businesses across various sectors, with a mandate to provide substantial financing support to thousands of companies by 2026. With a focus on sectors such as manufacturing, food security, healthcare, technology, and renewables, the institution aims to favour a resilient, diversified, and competitive economy, in line with the nation's aspirations for sustainable development and economic prosperity.
