Emirates Development Bank (EDB) reported full-year financing of Dh15.7 billion for 2024, increasing its contribution to the UAE’s industrial GDP to Dh7.4 billion. Since launching its transformation strategy in 2021, the bank has mobilised Dh50.2 billion in capital expenditure financing, supported Dh15 billion in greenfield projects, and facilitated Dh7 billion in foreign direct investment.
EDB’s financing contributed to the creation of 28,000 industrial jobs in the UAE, reinforcing its role in economic development. In 2024 alone, the bank provided Dh8.7 billion in financing, marking a 222% increase from 2023 and adding Dh4.1 billion to the UAE’s industrial GDP. The manufacturing sector received the largest share of financing at Dh4.23 billion, accounting for 49% of total disbursements.
Advanced technology financing totalled Dh3 billion, while renewable energy projects received Dh1.2 billion. The food security sector secured Dh1.22 billion in funding, and healthcare financing reached Dh1.14 billion. The bank also allocated Dh3 billion to micro, small, and medium enterprises (mSMEs), including Dh758 million under its Credit Guarantee Scheme with 11 commercial banks.
EDB introduced digital banking solutions, launching “EDB Smart Connect,” a cash management platform with over 50 onboarded clients. The bank also rolled out six trade finance products, providing Dh1.2 billion in trade finance solutions.
In recognition of its financial performance and strategic focus, S&P Global upgraded EDB’s credit rating to AA, the highest among financial institutions in the UAE and MENA region.
For 2025, EDB targets Dh23 billion in financing and plans to expand its use of AI technologies, including robotic process automation and machine learning. The bank will also pursue industrial co-lending partnerships and further digital transformation initiatives to support the UAE’s economic diversification agenda.
