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Emirates Development Bank
Emirati government-owned bank From Wikipedia, the free encyclopedia
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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]
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History
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
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
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
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