EDB contributes Dh1.91b to UAE GDP

The Emirates Development Bank (EDB) claimed on Sunday that it contributed Dh1.91 billion to the UAE’s GDP growth in 2021 and was involved in the direct and indirect financing of 1,350 SMEs across priority industries.

At EDB’s first board meeting of 2022, the announcement was made. It also established a new Credit Guarantee platform, which helped SMEs raise over Dh332 million in cash.

The bank’s new strategy, which was introduced in March 2021 to promote the UAE’s industrial development, accelerate the use of sophisticated technologies, and empower the growth of SMEs in the UAE, has proven to be a success.

This will be accomplished by large firms and small businesses expanding and developing in five critical sectors: manufacturing, advanced technology, infrastructure, healthcare, and food security.

EDB would also facilitate direct and indirect lending totalling Dh30 billion by 2025 as part of its goal, which will benefit over 13,500 businesses.