Emirates Development Bank Achieves Highest Credit Rating in UAE and MENA Region

Government

Emirates Development Bank Achieves Highest Credit Rating in UAE and MENA Region

Emirates Development Bank (EDB) has been awarded a prestigious 'AA' long-term issuer credit rating by S&P Global, marking it as the highest-rated financial institution in the UAE and the MENA region. This upgrade from AA- with a stable outlook underscores the bank's robust financial position and its significant role in driving economic development and industrial growth within the UAE.

The credit rating enhancement reflects EDB’s strategic clarity and its remarkable progress since the implementation of its renewed mandate three years ago. S&P Global's assessment highlights EDB’s strong financial risk profile, the favorable economic conditions in the UAE, and the bank’s strategic focus on financing small and medium-sized enterprises (SMEs) and corporates within five priority sectors critical to the UAE’s economic transformation.

Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Emirates Development Bank, commented:

"The upgraded rating for EDB marks a historic moment for the UAE’s banking industry and is a testament to the rapid strides the UAE has made in strengthening its global competitiveness. Through the support and guidance of the UAE’s leadership, EDB is successfully delivering its mandate, ensuring it maintains its position as a catalyst for economic growth and a key financial enabler of the UAE’s Industrial Development Strategy.

The upgraded rating by S&P with a stable outlook demonstrates continued confidence in EDB’s ability to deliver its mandate and the strength of its strategic approach to development financing. This reinforces the Bank’s pivotal role in redefining the national industrial landscape while contributing significantly to the diversification and resilience of the national economy; driving the UAE’s global competitiveness."

Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, added:

"Our focus on prioritising economic impact across key development sectors and raising our contribution to the nation’s industrial GDP are setting EDB up for long-lasting success and rapid lending growth. This AA credit rating by S&P Global is a testament to the Bank’s successful delivery of its mandate and patient debt approach to financing projects. It is also an affirmation of EDB’s strategic role as a provider of innovative financing solutions and banking services that drive the trust and confidence of clients to grow their business with us while enabling economic growth.

With the upgraded credit rating, we are emphasizing EDB’s successful track record to become the reference development bank in the region. This contributes to the expansion of national industrial capabilities across the emirates in line with the UAE’s sustainable development vision."

Since the launch of its strategic focus in April 2021, EDB has specialized its financing efforts to propel growth in five crucial sectors: manufacturing, advanced technology, food security, healthcare, and renewables. This strategic focus has resulted in a significant increase in the bank’s total financing, reaching AED 11.3 billion to date. The upgraded rating not only celebrates EDB's achievements but also signals the bank’s ongoing commitment to supporting the UAE’s long-term economic and industrial objectives.