Emirates Development Bank Secures Double Win at Global Economics Awards 2024
Emirates Development Bank (EDB) has been recognized at the Global Economics Awards 2024, earning two prestigious accolades: Best Financing Solution for Economic Development - UAE 2024 and Best Bank for Industrial Development - UAE 2024. These awards underscore EDB's crucial role in driving economic growth and promoting industrial development across the UAE.
"We are truly honored to receive these awards, which highlight our significant contributions to sustainable economic growth and innovation across various sectors in the UAE," said His Excellency Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank. "By specializing our financing solutions and fostering strategic partnerships, we continually create opportunities that align with our national development agenda and drive economic growth. Our commitment to financial inclusion and our focus on economic impact empower businesses to enhance their technological capabilities in key national industrial sectors, ultimately boosting their contributions to the UAE’s economy."
The recognition reflects EDB's dedication to offering innovative financing solutions that support the UAE's vision of empowering private sector businesses for sustainable success. Since its establishment, EDB has played a pivotal role in enhancing the non-oil GDP, national employment, and in-country value generation, particularly in five priority sectors: manufacturing, food security, healthcare, advanced technology, and renewables.
In the first half of 2024, EDB achieved significant milestones, including cumulative total financing of AED 11.14 billion since April 2021, contributing AED 5.5 billion to the UAE's industrial GDP impact. The bank has supported capital expenditure financing for industrial projects worth AED 48 billion, including greenfield projects valued at AED 14 billion and Foreign Direct Investment projects totaling AED 6.8 billion. Additionally, EDB-backed initiatives have created 22,000 industrial jobs, demonstrating the bank's commitment to economic growth and industrial development.
S&P Global recently upgraded EDB’s long-term issuer credit rating from AA- to AA, the highest for any UAE and MENA bank, reaffirming EDB’s strong financial risk profile and the favorable economic conditions within the UAE.
