EDB reports record 2024 results with a 222% year-on-year increase in financing
Emirates Development Bank (EDB), the key financial engine for economic development and industrial advancement in the UAE, has announced its full-year results for 2024, showcasing its significant economic contribution and pivotal role in driving economic diversification and resilience in the UAE.
EDB's financing since the launch of its transformational strategy in 2021 has reached Dh15.7 billion, increasing the Bank's contribution to the UAE's industrial GDP impact to Dh7.4 billion by end of 2024.
EDB's economic impact was further demonstrated through a notable increase in the CAPEX and FDI financing indicators. The bank has mobilised a total of Dh50.2 billion in CAPEX financing, which supported Dh15 billion in greenfield projects, , and facilitated Dh7 billion in Foreign Direct Investment (FDI) since 2021. In addition, EDB's financing has contributed to the creation of 28,000 industrial jobs in the UAE, underlining the bank's commitment to job creation and economic opportunity.
Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Emirates Development Bank, said: 'Aligned with the vision of the leadership, Emirates Development Bank continues to drive the industrial sector's growth and enhance the UAE's position as an attractive destination for investment. The results achieved by the bank in 2024 build on the momentum gained since the launch of its transformational strategy in 2021. With Dh15.7 billion in financing, with significant allocations directed towards manufacturing, advanced technology, and renewable energy, EDB reaffirms its commitment to its mandate of fostering sustainable economic growth and diversification, in line with the UAE's national development goals. These achievements reflect EDB's ongoing efforts to foster innovation, strengthen industrial competitiveness, and contribute to the UAE's economic resilience and global standing. Guided by the vision of our leadership, EDB will remain focused on its strategic priorities, leveraging technological advancements to shape the future of the UAE's sustainable and diversified economy."
Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, added: '2024 marked a defining year of exceptional progress for EDB, with Dh8.7 billion in financing — an impressive 222 per cent increase from 2023 — resulting in a notable Dh4.1 billion contribution to the UAE's industrial GDP and the creation of over 14,000 jobs in industrial sectors. These achievements highlight our sustained growth and strategic impact across key sectors that align with the UAE's national development priorities. By driving innovation, advancing industrial development, and promoting financial inclusion, we have strengthened our position as a key financial engine driving the UAE's economic transformation. These achievements underscore the impact of our innovative financing solutions as well as the trust of our clients and partners. As we look to 2025 and beyond, EDB is well positioned to drive further advancements in industrial development, technology, entrepreneurship, and FDI attraction, further shaping a resilient, future-ready economy in the UAE.'
In 2024, EDB focused on enhancing its operating model, developing its FDI proposition and launching new products and trade desk capabilities. The bank introduced "EDB Smart Connect", an innovative cash management solution, offering clients secure and real-time access to their accounts anytime, anywhere. Since its launch, the platform has onboarded over 50 clients, delivering seamless banking capabilities tailored to the evolving needs of UAE enterprises and highlighting EDB's digital-first approach. Additionally, EDB rolled out six trade finance products and provided Dh1.2 billion through trade finance solutions in 2024.
The manufacturing sector remained at the forefront of EDB's strategic focus, receiving Dh4.23 billion in financing throughout the year, which is 49 per cent of the year's total financing. This support drove advancements in UAE-based industrial projects, emphasising the bank's commitment to bolstering national manufacturing capabilities. Parallel to this, EDB sustained its contributions to technological and sustainable innovation in 2024, with Dh1.2 billion supporting renewable energy projects, affirming EDB's alignment with the UAE's net zero objectives.
Financing for advanced technology has reached Dh3 billion, underscoring EDB's commitment to fostering the adoption of cutting-edge industrial innovations. Additionally, total financing to the food security sector amounted to Dh1.22 billion, while the healthcare sector received Dh1.14 billion, reflecting EDB's focus on driving growth in critical industries. These results showcase EDB's emphasis on sectors critical for the UAE's sustainable future and reinforcing country's position as a key enabler of global competitiveness.
Supporting the growth of micro, small, and medium enterprises (mSMEs) remained a core priority in 2024, with total financing for these enterprises reaching Dh3 billion, including Dh758 million through the Bank's Credit Guarantee Scheme in partnership with 11 commercial banks, Dh2.1 billion in direct financing to mSMEs and Dh107 million to SME-Micro projects. These efforts enhance financial inclusion and showcase EDB's role as a strategic partner for mSMEs, fostering their growth and bridging critical financing gaps.
EDB's strong financial performance and strategic focus have been recognised by S&P Global, which has upgraded the Bank's credit rating to AA, the highest among financial institutions in the UAE and Mena region. This milestone highlights the clarity of EDB's strategy, its robust financial profile, and its alignment with national development priorities. The AA rating is a testament to EDB's disciplined financial management, successful delivery of its mandate, and strategic role as a provider of innovative financing solutions and banking services. This recognition further solidifies the trust and confidence of clients and stakeholders, enabling EDB to drive sustainable economic growth.
Moving into 2025, EDB is well-positioned to accelerate its contributions to the UAE's economic agenda. Priorities for the upcoming year include reaching a financing target of Dh23 billion and driving the use of AI technologies to enhance operational efficiency through robotic process automation (RPA) and machine learning (ML). EDB will also continue to drive growth in critical sectors through industrial co-lending partnerships, scaling digital transformation, and continuing to foster sustainable economic development aligned with the UAE's vision for diversification.
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