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{{Short description|Emirati government-owned bank}}
{{Short description|Emirati government-owned bank}}
{{Orphan|date=June 2023}}
{{Orphan|date=June 2023}}
{{Infobox company
| name = Emirates Development Bank
| logo =
| type = Government State Owned Bank
| traded_as = Bank
| industry =
| founded = {{Start date and age|2015}}; [[Abu Dhabi]].
| founders = {{Unbulleted list|Sheikh Mansour bin Zayed Al Nahyan}}
| hq_location_city = Abu Dhabi
| hq_location_country = UAE
| key_people =
| num_employees_year =
| products =
| website = {{url|edb.gov.ae/en/}}<ref>{{Cite web|url=https://www.thenationalnews.com/business/banking/2023/06/01/emirates-development-bank-on-course-to-hit-82bn-funding-target-by-2025/|title=Emirates Development Bank 'on course to hit $8.2bn funding target by 2025'|first=Sarmad|last=Khan|date=June 1, 2023|website=The National}}</ref>
}}




The '''Emirates Development Bank (EDB)''' is an Emeriti state-owned [[financial]] institution established in 2015 in the [[United Arab Emirates]] under the [[patronage]] of [[Mansour bin Zayed Al Nahyan|Sheikh Mansour bin Zayed Al Nahyan]], Deputy PM and Minister of Presidential Affairs of UAE.<ref>{{Cite web|url=https://www.thenationalnews.com/business/banking/2023/06/01/emirates-development-bank-on-course-to-hit-82bn-funding-target-by-2025/|title=Emirates Development Bank 'on course to hit $8.2bn funding target by 2025'|first=Sarmad|last=Khan|date=June 1, 2023|website=The National}}</ref><ref>{{Cite web|url=https://www.khaleejtimes.com/business/sp-affirms-emirates-development-banks-aa-credit-rating-with-stable-outlook|title=S&P affirms Emirates Development Bank's 'AA-' credit rating with stable outlook|website=Khaleej Times}}</ref><ref>{{Cite web|url=https://www.thenationalnews.com/business/banking/2023/06/20/edb-launches-agritech-loans-scheme-and-plans-to-offer-27m-to-support-food-security-sector/|title=EDB launches AgriTech loans scheme and plans to offer $27m to support food security sector|first=Aarti|last=Nagraj|date=June 20, 2023|website=The National}}</ref>
The '''Emirates Development Bank (EDB)''' is an Emeriti state-owned [[financial]] institution established in 2015 in the [[United Arab Emirates]] under the [[patronage]] of [[Mansour bin Zayed Al Nahyan|Sheikh Mansour bin Zayed Al Nahyan]], Deputy PM and Minister of Presidential Affairs of UAE.<ref>{{Cite web|url=https://www.thenationalnews.com/business/banking/2023/06/01/emirates-development-bank-on-course-to-hit-82bn-funding-target-by-2025/|title=Emirates Development Bank 'on course to hit $8.2bn funding target by 2025'|first=Sarmad|last=Khan|date=June 1, 2023|website=The National}}</ref><ref>{{Cite web|url=https://www.khaleejtimes.com/business/sp-affirms-emirates-development-banks-aa-credit-rating-with-stable-outlook|title=S&P affirms Emirates Development Bank's 'AA-' credit rating with stable outlook|website=Khaleej Times}}</ref><ref>{{Cite web|url=https://www.thenationalnews.com/business/banking/2023/06/20/edb-launches-agritech-loans-scheme-and-plans-to-offer-27m-to-support-food-security-sector/|title=EDB launches AgriTech loans scheme and plans to offer $27m to support food security sector|first=Aarti|last=Nagraj|date=June 20, 2023|website=The National}}</ref>


It is one of the largest banking groups in the Middle East in terms of assets.<ref>{{Cite web|url=https://www.khaleejtimes.com/business/emirates-development-bank-reveals-commitment-to-financing-uae-renewables-sector|title=Emirates Development Bank reveals commitment to financing UAE renewables sector|first=A. Staff|last=Reporter|website=Khaleej Times}}</ref><ref>{{Cite web|url=https://www.thenationalnews.com/business/economy/2023/05/31/emirates-development-bank-announces-deals-worth-1154m-at-make-it-in-the-emirates-forum/|title=Emirates Development Bank announces deals worth $115.4m at Make it in the Emirates forum|first=Alkesh|last=Sharma|date=May 31, 2023|website=The National}}</ref>
It is one of the largest banking groups in the Middle East in terms of assets.<ref>{{Cite web|url=https://www.khaleejtimes.com/business/emirates-development-bank-reveals-commitment-to-financing-uae-renewables-sector|title=Emirates Development Bank reveals commitment to financing UAE renewables sector|website=Khaleej Times}}</ref><ref>{{Cite web|url=https://www.thenationalnews.com/business/economy/2023/05/31/emirates-development-bank-announces-deals-worth-1154m-at-make-it-in-the-emirates-forum/|title=Emirates Development Bank announces deals worth $115.4m at Make it in the Emirates forum|first=Alkesh|last=Sharma|date=May 31, 2023|website=The National}}</ref>


The bank supports the country's [[economic]] [[Economic development|development]] and industrial development by providing financial assistance and resources to large corporates, SMEs (small and medium-sized enterprises), and startups in the UAE.
The bank supports the country's [[economic]] [[Economic development|development]] and industrial development by providing financial assistance and resources to large corporates, SMEs ([[small and medium-sized enterprises]]), and startups in the UAE.<ref name="auto">{{Cite web|url=https://gulfnews.com/business/banking/with-dh61b-in-loans-emirates-development-banks-longer-tenors-lower-rates-a-hit-with-uae-businesses-1.94168684|title=With Dh6.1b in loans, Emirates Development Bank's longer tenors, lower rates a hit with UAE businesses|first=Manoj|last=Nair|date=March 2023 }}</ref><ref name="auto1">{{cite web | url=https://www.thenationalnews.com/business/banking/2023/03/02/edb-aims-to-offer-at-least-16bn-in-financing-this-year-ceo-says/ | title=EDB aims to offer at least $1.6bn in financing this year, CEO says | date=2 March 2023 }}</ref><ref>{{Cite web|url=https://www.thenationalnews.com/business/banking/2023/04/17/fitch-affirms-aa-rating-of-emirates-development-bank-with-stable-outlook/|title=Fitch affirms 'AA-' rating of Emirates Development Bank with stable outlook|first=Fareed|last=Rahman|date=April 17, 2023|website=The National}}</ref>
<ref name="auto">{{Cite web|url=https://gulfnews.com/business/banking/with-dh61b-in-loans-emirates-development-banks-longer-tenors-lower-rates-a-hit-with-uae-businesses-1.94168684|title=With Dh6.1b in loans, Emirates Development Bank’s longer tenors, lower rates a hit with UAE businesses|first=Manoj Nair, Business|last=Editor|website=Gulf News}}</ref><ref name="auto1">https://www.thenationalnews.com/business/banking/2023/03/02/Emirates Development Bank-aims-to-offer-at-least-16bn-in-financing-this-year-ceo-says/</ref><ref>{{Cite web|url=https://www.thenationalnews.com/business/banking/2023/04/17/fitch-affirms-aa-rating-of-emirates-development-bank-with-stable-outlook/|title=Fitch affirms 'AA-' rating of Emirates Development Bank with stable outlook|first=Fareed|last=Rahman|date=April 17, 2023|website=The National}}</ref>


==History ==
==History==
⚫
The bank is headquartered in [[Abu Dhabi]], with branches in [[Dubai]].<ref>{{Cite web|url=https://gulfbusiness.com/emirates-development-bank-financing-rises-2022/,%20https://gulfbusiness.com/emirates-development-bank-financing-rises-2022/|title=Emirates Development Bank's financing rises 673% in 2022|first=Neesha|last=Salian|date=March 1, 2023}}</ref><ref>{{Cite web|url=https://ibsintelligence.com/ibsi-news/emirates-development-bank-adcb-partner-on-credit-guarantee-scheme/|title=Emirates Development Bank, ADCB partner on credit guarantee scheme|website=IBS Intelligence}}</ref><ref>{{Cite web|url=https://gulfnews.com/business/banking/with-dh61b-in-loans-emirates-development-banks-longer-tenors-lower-rates-a-hit-with-uae-businesses-1.94168684|title=With Dh6.1b in loans, Emirates Development Bank's longer tenors, lower rates a hit with UAE businesses|date=March 1, 2023|website=gulfnews.com}}</ref><ref>{{Cite web|url=https://www.thenationalnews.com/business/banking/2022/10/18/emirates-development-bank-approves-112bn-funding-in-first-nine-months-of-2022/|title=Emirates Development Bank approves $1.12bn funding in first nine months of 2022|first=Sarmad|last=Khan|date=October 18, 2022|website=The National}}</ref><ref>{{Cite web |title=Emirates Development Bank Participates In Middle East Rail 2022, Addresses Its Role In Financing UAE's Key Infrastructure Projects |url=https://menafn.com/1104274961/Emirates-Development-Bank-Participates-In-Middle-East-Rail-2022-Addresses-Its-Role-In-Financing-UAEs-Key-Infrastructure-Projects |website=menafn.com}}</ref><ref>{{Cite web |title=UAE Banks Federation reiterates importance of supporting SMEs |url=https://www.gulftoday.ae/business/2022/11/22/uae-banks-federation-reiterates--importance-of-supporting-smes |website=www.gulftoday.ae}}</ref><ref>{{Cite web |date=April 17, 2023 |title=Emirates Development Bank's Long-Term Issuer Rating Affirmed at "AA-" by Fitch Ratings |url=https://nnn.ng/emirates-development-bank-s-long-term-issuer-rating-affirmed-at-aa-by-fitch-ratings/ |website=NNN}}</ref>


⚫
In April 2021, the UAE government launched a new initiative to support the diversification of the nation's economy.<ref name="auto"/><ref name="auto1"/><ref>{{Cite web|url=https://www.zawya.com/en/press-release/companies-news/emirates-development-bank-partners-with-uae-ministry-of-economy-in-support-of-food-security-lr5o0p19|title=Emirates Development Bank partners with UAE Ministry of Economy in support of food security|website=www.zawya.com}}</ref><ref>{{Cite web|url=https://www.wam.ae/en/details/1395303134447|title=Emirates Development Bank approves AED 6.1 billion in financing during 2022|date=January 3, 2023|website=wam}}</ref><ref>{{Cite web|url=https://www.wam.ae/en/details/1395303138348|title=Sharjah Chamber, Emirates Development Bank discuss financial solutions for industrial investors|date=March 13, 2023|website=wam}}</ref><ref>{{Cite web|url=https://www.tradearabia.com/news/BANK_406091.html|title=Investopia seals partnership with Emirates Development Bank|website=www.tradearabia.com}}</ref>
⚫
The bank is headquartered in [[Abu Dhabi]], with branches in [[Dubai]].<ref>{{Cite web|url=https://gulfbusiness.com/emirates-development-bank-financing-rises-2022/,%20https://gulfbusiness.com/emirates-development-bank-financing-rises-2022/|title=Emirates Development Bank's financing rises 673% in 2022|first=Neesha|last=Salian|date=March 1, 2023}}</ref><ref>{{Cite web|url=https://ibsintelligence.com/ibsi-news/emirates-development-bank-adcb-partner-on-credit-guarantee-scheme/|title=Emirates Development Bank, ADCB partner on credit guarantee scheme|website=IBS Intelligence}}</ref><ref>{{Cite web|url=https://gulfnews.com/business/banking/with-dh61b-in-loans-emirates-development-banks-longer-tenors-lower-rates-a-hit-with-uae-businesses-1.94168684|title=With Dh6.1b in loans, Emirates Development Bank’s longer tenors, lower rates a hit with UAE businesses|date=March 1, 2023|website=gulfnews.com}}</ref><ref>{{Cite web|url=https://www.thenationalnews.com/business/banking/2022/10/18/emirates-development-bank-approves-112bn-funding-in-first-nine-months-of-2022/|title=Emirates Development Bank approves $1.12bn funding in first nine months of 2022|first=Sarmad|last=Khan|date=October 18, 2022|website=The National}}</ref><ref>{{Cite web |title=Emirates Development Bank Participates In Middle East Rail 2022, Addresses Its Role In Financing UAE's Key Infrastructure Projects |url=https://menafn.com/1104274961/Emirates-Development-Bank-Participates-In-Middle-East-Rail-2022-Addresses-Its-Role-In-Financing-UAEs-Key-Infrastructure-Projects |website=menafn.com}}</ref><ref>{{Cite web |title=UAE Banks Federation reiterates importance of supporting SMEs |url=https://www.gulftoday.ae/business/2022/11/22/uae-banks-federation-reiterates--importance-of-supporting-smes |website=www.gulftoday.ae}}</ref><ref>https://www.thenationalnews.com/business/economy/2023/04/19/edb-signs-credit-guarantee-agreement-with-emirates-islam8ic-to-boost-sme-lending/</ref><ref>{{Cite web |date=April 17, 2023 |title=Emirates Development Bank’s Long-Term Issuer Rating Affirmed at "AA-" by Fitch Ratings |url=https://nnn.ng/emirates-development-bank-s-long-term-issuer-rating-affirmed-at-aa-by-fitch-ratings/ |website=NNN}}</ref>

⚫
In April 2021, the UAE government launched a new initiative to support the diversification of the nation's economy.<ref name="auto"/><ref name="auto1"/><ref>https://www.thenationalnews.com/business/banking/2022/10/18/emirates-development-bank-approves-112bn-funding-in-first-nine-months8-of-2022/</ref><ref>{{Cite web|url=https://www.zawya.com/en/press-release/companies-news/emirates-development-bank-partners-with-uae-ministry-of-economy-in-support-of-food-security-lr5o0p19|title=Emirates Development Bank partners with UAE Ministry of Economy in support of food security|first=Press|last=Release|website=www.zawya.com}}</ref><ref>{{Cite web|url=https://www.wam.ae/en/details/1395303134447|title=Emirates Development Bank approves AED 6.1 billion in financing during 2022|date=January 3, 2023|website=wam}}</ref><ref>{{Cite web|url=https://www.wam.ae/en/details/1395303138348|title=Sharjah Chamber, Emirates Development Bank discuss financial solutions for industrial investors|date=March 13, 2023|website=wam}}</ref><ref>{{Cite web|url=https://www.tradearabia.com/news/BANK_406091.html|title=Investopia seals partnership with Emirates Development Bank|website=www.tradearabia.com}}</ref>


==Activities==
==Activities==
⚫
The primary service of the Emirates development bank is to provide financing services to startups, SMEs, and large corporates in the [[UAE]] that operate within the manufacturing, [[healthcare]], food security, advanced technology, and renewables sector.<ref>{{Cite web|url=https://www.thenationalnews.com/business/banking/2023/03/02/edb-aims-to-offer-at-least-16bn-in-financing-this-year-ceo-says/|title=EDB aims to offer at least $1.6bn in financing this year, CEO says|first=Aarti|last=Nagraj|date=March 2, 2023|website=The National}}</ref><ref>{{Cite web|url=https://www.thenationalnews.com/business/banking/2023/03/01/edb-financing-increased-nearly-eightfold-to-16bn-in-2022/|title=EDB financing increased nearly eightfold to $1.6bn in 2022|first=Aarti|last=Nagraj|date=March 1, 2023|website=The National}}</ref>

⚫
The primary service of Emirates development bank is to provide financing services to startups, SMEs and large corporates in the [[UAE]] that operate within the manufacturing, [[healthcare]], food security, advanced technology and renewables sector.<ref>{{Cite web|url=https://www.thenationalnews.com/business/banking/2023/03/02/edb-aims-to-offer-at-least-16bn-in-financing-this-year-ceo-says/|title=EDB aims to offer at least $1.6bn in financing this year, CEO says|first=Aarti|last=Nagraj|date=March 2, 2023|website=The National}}</ref><ref>thenationalnews.com/business/banking/2023/02/08/edb-teams-up-with-adgm-to-support-companies-in-their-expansion/</ref><ref>{{Cite web|url=https://www.thenationalnews.com/business/banking/2023/03/01/edb-financing-increased-nearly-eightfold-to-16bn-in-2022/|title=EDB financing increased nearly eightfold to $1.6bn in 2022|first=Aarti|last=Nagraj|date=March 1, 2023|website=The National}}</ref>


==UAE’s industrial strategy==
==UAE’s industrial strategy==

The UAE's Ministry of Industry and Advanced Technology launched its industrial strategy in 2021. The 10-year comprehensive roadmap focuses on increasing the industrial sector's contribution to the country's gross domestic product from Dh133 billion in 2021 to Dh300bn in 2031.<ref>{{Cite web|url=https://www.khaleejtimes.com/business/emirates-development-bank-approves-dh2-4-billion-in-finance-during-h1|title=Emirates Development Bank approves Dh2.4 billion in finance during H1|website=Khaleej Times}}</ref>
The UAE's Ministry of Industry and Advanced Technology launched its industrial strategy in 2021. The 10-year comprehensive roadmap focuses on increasing the industrial sector's contribution to the country's gross domestic product from Dh133 billion in 2021 to Dh300bn in 2031.<ref>{{Cite web|url=https://www.khaleejtimes.com/business/emirates-development-bank-approves-dh2-4-billion-in-finance-during-h1|title=Emirates Development Bank approves Dh2.4 billion in finance during H1|website=Khaleej Times}}</ref>


Latest revision as of 14:57, 19 January 2024

Emirates Development Bank
Company typeGovernment State Owned Bank
Bank
Founded2015; 10 years ago (2015); Abu Dhabi.
Founders
  • Sheikh Mansour bin Zayed Al Nahyan
Headquarters
Abu Dhabi
,
UAE
Websiteedb.gov.ae/en/[1]


The Emirates Development Bank (EDB) is an Emeriti state-owned financial institution established in 2015 in the United Arab Emirates under the patronage of Sheikh Mansour bin Zayed Al Nahyan, Deputy PM and Minister of Presidential Affairs of UAE.[2][3][4]

It is one of the largest banking groups in the Middle East in terms of assets.[5][6]

The bank supports the country's economic development and industrial development by providing financial assistance and resources to large corporates, SMEs (small and medium-sized enterprises), and startups in the UAE.[7][8][9]

History

[edit]

The bank is headquartered in Abu Dhabi, with branches in Dubai.[10][11][12][13][14][15][16]

In April 2021, the UAE government launched a new initiative to support the diversification of the nation's economy.[7][8][17][18][19][20]

Activities

[edit]

The primary service of the Emirates development bank is to provide financing services to startups, SMEs, and large corporates in the UAE that operate within the manufacturing, healthcare, food security, advanced technology, and renewables sector.[21][22]

UAE’s industrial strategy

[edit]

The UAE's Ministry of Industry and Advanced Technology launched its industrial strategy in 2021. The 10-year comprehensive roadmap focuses on increasing the industrial sector's contribution to the country's gross domestic product from Dh133 billion in 2021 to Dh300bn in 2031.[23]

References

[edit]
  1. ^ Khan, Sarmad (June 1, 2023). "Emirates Development Bank 'on course to hit $8.2bn funding target by 2025'". The National.
  2. ^ Khan, Sarmad (June 1, 2023). "Emirates Development Bank 'on course to hit $8.2bn funding target by 2025'". The National.
  3. ^ "S&P affirms Emirates Development Bank's 'AA-' credit rating with stable outlook". Khaleej Times.
  4. ^ Nagraj, Aarti (June 20, 2023). "EDB launches AgriTech loans scheme and plans to offer $27m to support food security sector". The National.
  5. ^ "Emirates Development Bank reveals commitment to financing UAE renewables sector". Khaleej Times.
  6. ^ Sharma, Alkesh (May 31, 2023). "Emirates Development Bank announces deals worth $115.4m at Make it in the Emirates forum". The National.
  7. ^ a b Nair, Manoj (March 2023). "With Dh6.1b in loans, Emirates Development Bank's longer tenors, lower rates a hit with UAE businesses".
  8. ^ a b "EDB aims to offer at least $1.6bn in financing this year, CEO says". 2 March 2023.
  9. ^ Rahman, Fareed (April 17, 2023). "Fitch affirms 'AA-' rating of Emirates Development Bank with stable outlook". The National.
  10. ^ Salian, Neesha (March 1, 2023). "Emirates Development Bank's financing rises 673% in 2022".
  11. ^ "Emirates Development Bank, ADCB partner on credit guarantee scheme". IBS Intelligence.
  12. ^ "With Dh6.1b in loans, Emirates Development Bank's longer tenors, lower rates a hit with UAE businesses". gulfnews.com. March 1, 2023.
  13. ^ Khan, Sarmad (October 18, 2022). "Emirates Development Bank approves $1.12bn funding in first nine months of 2022". The National.
  14. ^ "Emirates Development Bank Participates In Middle East Rail 2022, Addresses Its Role In Financing UAE's Key Infrastructure Projects". menafn.com.
  15. ^ "UAE Banks Federation reiterates importance of supporting SMEs". www.gulftoday.ae.
  16. ^ "Emirates Development Bank's Long-Term Issuer Rating Affirmed at "AA-" by Fitch Ratings". NNN. April 17, 2023.
  17. ^ "Emirates Development Bank partners with UAE Ministry of Economy in support of food security". www.zawya.com.
  18. ^ "Emirates Development Bank approves AED 6.1 billion in financing during 2022". wam. January 3, 2023.
  19. ^ "Sharjah Chamber, Emirates Development Bank discuss financial solutions for industrial investors". wam. March 13, 2023.
  20. ^ "Investopia seals partnership with Emirates Development Bank". www.tradearabia.com.
  21. ^ Nagraj, Aarti (March 2, 2023). "EDB aims to offer at least $1.6bn in financing this year, CEO says". The National.
  22. ^ Nagraj, Aarti (March 1, 2023). "EDB financing increased nearly eightfold to $1.6bn in 2022". The National.
  23. ^ "Emirates Development Bank approves Dh2.4 billion in finance during H1". Khaleej Times.
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