The remarkable H1 2024 results released by Emirates Development Bank (EDB) have a big influence on the UAE economy. Since announcing its new strategy in April 2021, the Bank has provided Dhs11.14 billion in total financing, demonstrating its dedication to important industries that are essential to the goal of national development and diversification. Since 2021, EDB’s contribution to the industrial GDP impact of the UAE has increased significantly to Dhs5.5 billion thanks to this financing milestone.
The UAE’s position as a global centre for cutting-edge industries and technology has been further cemented by the Bank’s support of CAPEX financing of industrial projects valued at Dhs48 billion, greenfield projects worth Dhs14 billion, and foreign direct investment projects worth Dhs6.8 billion. Additionally, the total results showed that the Bank helped to create 22,000 industrial jobs in the UAE through projects supported by EDB, demonstrating the dedication of EDB to promoting job growth and company expansion.
The Chairman of Emirates Development Bank, Dr. Sultan Bin Ahmed Al Jaber, is the Minister of Industry and Advanced Technology. He stated, “In keeping with the vision of our wise leadership, EDB remains dedicated to supporting industrial and economic growth in the UAE.” Its steadfast dedication to fostering important industrial sectors and advancing the UAE’s goal of resilience and economic diversification is evident in the H1 2024 performance results. The significant effect on industrial GDP emphasises EDB’s strategic goal of providing creative financial solutions, such as capital expenditure financing (CAPEX) for significant FDI and industrial projects.
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