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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 Emerati 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 start-ups, SMEs and large corporates in the UAE that operate within the manufacturing, healthcare, food security, advanced technology and renewables sectors.[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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