mSMEs at the Heart of EDB’s AED 3B Financing in 2024
Emirates Development Bank continues to play a vital role in the UAE's economic development and industrial progress, and their recently released full-year results for 2024 highlight the bank’s substantial impact. Since launching their transformational strategy in 2021, EDB has extended AED 15.7 billion in financing, significantly boosting the UAE’s industrial GDP to AED 7.4 billion by the end of 2024. This is not just about numbers; it’s about shaping a more diversified, resilient economy.
A key part of this success comes from the bank’s focus on capital expenditure and foreign direct investment financing. Since 2021, EDB has mobilised AED 50.2 billion in CAPEX financing, supporting AED 15 billion in greenfield projects and facilitating AED 7 billion in FDI. These efforts have helped create 28,000 industrial jobs, demonstrating EDB’s commitment to driving economic opportunity and job creation.
Visionary Leadership and Commitment to Sustainable Growth
His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of EDB, emphasised how the bank’s achievements align with the UAE’s vision for sustainable growth and investment attraction. "With AED 15.7 billion in financing directed toward key sectors like manufacturing, advanced technology, and renewable energy, EDB reaffirms its role in fostering sustainable economic growth and diversification," Dr. Al Jaber said.
In 2024 alone, EDB delivered AED 8.7 billion in financing—an impressive 222 percent increase from the previous year. This financing added AED 4.1 billion to the UAE’s industrial GDP and created over 14,000 industrial jobs. EDB’s CEO, His Excellency Ahmed Mohamed Al Naqbi, pointed out that these achievements underscore the bank’s role in transforming the UAE’s economy through industrial development, innovation, and financial inclusion.
Strengthening Digital Capabilities and Supporting UAE Enterprises
In 2024, EDB ramped up its digital capabilities by launching "EDB Smart Connect," an innovative cash management solution. This platform offers clients real-time, secure access to their accounts, reflecting EDB’s digital-first approach. Over 50 clients have already onboarded the platform, benefiting from seamless banking tailored to the needs of UAE enterprises.
The bank also introduced six trade finance products and provided AED 1.2 billion through trade finance solutions, further strengthening its offering to UAE businesses.
Focus on Key Sectors: Manufacturing, Renewable Energy, and Technology
EDB’s focus on the manufacturing sector remained strong in 2024, with AED 4.23 billion in financing—49 percent of the year’s total—supporting national industrial projects. This reflects the bank’s commitment to enhancing the UAE’s manufacturing capabilities. Alongside this, EDB invested AED 1.2 billion in renewable energy projects, aligning with the UAE’s net-zero goals and highlighting the bank’s role in supporting sustainable innovation.
The advanced technology sector received AED 3 billion in financing, reinforcing EDB’s dedication to fostering the adoption of cutting-edge industrial solutions. Additionally, the bank contributed AED 1.22 billion to the food security sector and AED 1.14 billion to healthcare, further emphasising its support for industries crucial to the UAE’s sustainable future.
Driving Growth for Micro, Small, and Medium Enterprises (mSMEs)
One of EDB’s core priorities in 2024 was supporting micro, small, and medium enterprises, with total financing reaching AED 3 billion. This includes AED 758 million through the Bank’s Credit Guarantee Scheme, AED 2.1 billion in direct financing to mSMEs, and AED 107 million directed toward SME-Micro projects. By bridging financing gaps and promoting financial inclusion, EDB continues to be a strategic partner for mSMEs, fostering their growth and enhancing their contribution to the UAE’s economy.
Recognition and Future Plans
S&P Global recently upgraded EDB’s credit rating to AA, making it the highest-rated financial institution in the UAE and the MENA region. This recognition speaks volumes about the clarity of EDB’s strategy and its alignment with the UAE’s national development priorities.
Looking ahead to 2025, EDB plans to drive further advancements in industrial development, entrepreneurship, and digital transformation. With a financing target of AED 23 billion, the bank is set to explore the use of AI technologies like robotic process automation and machine learning to enhance operational efficiency. EDB’s commitment to co-lending partnerships and its focus on key sectors will continue to shape a resilient, future-ready economy aligned with the UAE’s vision for diversification.
EDB is not just a financial institution—it’s a driving force behind the UAE’s sustainable, diversified economic future. As the country continues to evolve, EDB’s role in fostering growth, innovation, and resilience will remain pivotal. Stay tuned for more on how this dynamic bank is shaping the next phase of the UAE’s economic transformation.
