Latest news with #AhmedAlNaqbi
Entrepreneur
23-05-2025
- Business
- Entrepreneur
Emirates Development Bank Launches Fee-Free Digital Banking Platform to Support UAE Entrepreneurs
You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media. Emirates Development Bank, the UAE government-owned financial institution, has launched EDB 360, a ee-free digital banking platform aimed at supporting the ambitions of the country's entrepreneurs as well as micro, small, and medium enterprises (MSMEs). The announcement was made at this year's edition of the 'Make it in the Emirates' Forum. EDB 360 breaks down the traditional barriers of business banking with its no-fee, no-minimum-balance approach. It this gives entrepreneurs accessibility to speed, simplicity, and full control. Through smart integration with key government entities, EDB 360 allows users to open an account in minutes freeing founders to focus on scaling their ideas instead of navigating paperwork. From a single app, entrepreneurs can manage payroll, invoicing, and payments, monitor cash flow, and access a growing suite of value-added services — including smart integrations with fintech platforms and a dedicated EDB Concierge that offers real-time advice for setup and scale-up. "At EDB, our mission goes far beyond finance- we help businesses grow, because when they grow, the UAE grows," H. E. Ahmed Mohamed Al Naqbi, CEO of EDB, said. "With EDB 360, we've created a zero-bureaucracy, high-impact platform that gives entrepreneurs the flexibility, tools, and tailored support they need to build the businesses of tomorrow. By removing friction and expanding access to capital and advice, we're helping turn bold ideas into real economic impact." Launched in collaboration with leading government and entrepreneurship bodies —including the Ministry of Economy, Ministry of Industry and Advanced Technology (MoIAT), Sharjah Entrepreneurship Center (Sheraa), Khalifa Fund, and the Department of Economy and Tourism (DET)— as well as strategic ecosystem partners such as Visa, NymCard, Klaim, eFunder, Thoughtworks, and Trade Capital Partners, EDB 360 connects users with the wider financial and startup ecosystem to help them access new opportunities and scale easily. Entrepreneurs operating in EDB's key sectors benefit from sector-specific guidance, tools, and financing options that accelerate growth while contributing to the UAE's broader economic vision. Now available on iOS and Android, EDB 360 is the UAE's next step in building a smarter, stronger startup economy. Learn more by clicking HERE. Related: Emirates Development Bank Announces Launch of AED1 Billion Emirates Growth Fund
Zawya
22-05-2025
- Business
- Zawya
Emirates Development Bank launches game-changing digital banking platform to empower UAE entrepreneurs
EDB 360 removes fees and red tape to help businesses grow faster and fuel national economic growth Abu Dhabi, UAE: On the final day of Make it in the Emirates 2025, Emirates Development Bank (EDB), the UAE's key financial engine for economic diversification and industrial growEmirates Development Bank (EDB), the UAE's key financial engine for economic diversification and industrial growth, has launched EDB 360, a groundbreaking, fee-free digital banking platform built to supercharge the ambitions of the nation's entrepreneurs and micro, small, and medium enterprises (mSMEs). Designed for growth from day one, EDB 360 breaks down the traditional barriers of business banking. With no fees, no minimum balance, and no red tape, it gives entrepreneurs what they need most: speed, simplicity, and full control. Through smart integration with key government entities, EDB 360 allows users to open an account in minutes – not days – freeing founders to focus on scaling their ideas instead of navigating paperwork. H. E. Ahmed Mohamed Al Naqbi, CEO of EDB, said: "At EDB, our mission goes far beyond finance. We help businesses grow, because when they grow, the UAE grows. With EDB 360, we've created a zero-bureaucracy, high-impact platform that gives entrepreneurs the flexibility, tools, and tailored support they need to build the businesses of tomorrow. By removing friction and expanding access to capital and advice, we're helping turn bold ideas into real economic impact.' Launched in collaboration with leading government and entrepreneurship bodies – including the Ministry of Economy, Ministry of Industry and Advanced Technology (MoIAT), Sharjah Entrepreneurship Center (Sheraa), Khalifa Fund, and the Department of Economy & Tourism (DET) — as well as strategic ecosystem partners such as Visa, NymCard, Klaim, eFunder, Thoughtworks, and Trade Capital Partners. 360 connects users with the wider financial and startup ecosystem to help them access new opportunities and scale with confidence. From a single app, entrepreneurs can manage payroll, invoicing, and payments, monitor cash flow, and access a growing suite of value-added services — including smart integrations with fintech platforms and a dedicated EDB Concierge that offers real-time advice for setup and scale-up. Entrepreneurs operating in EDB's key sectors benefit from sector-specific guidance, tools, and financing options that accelerate growth while contributing to the UAE's broader economic vision. Now available on iOS and Android, EDB 360 is the UAE's next step in building a smarter, stronger startup economy. Learn more at About Emirates Development Bank: Emirates Development Bank (EDB), the UAE's development bank, is a key financial engine for the UAE's economic development and industrial advancement. EDB provides financial and non-financial support to businesses of all sizes—from start-ups and SMEs to corporates—driving economic competitiveness across five strategic priority sectors: advanced technology, food security, healthcare, renewables, and manufacturing. As the first local bank in the UAE to be Great Place to Work-certified, EDB nurtures a high-trust, high-performance culture that drives both business growth and social impact. EDB was established under Federal Law by Decree No. 07 of 2011 issued by the late Sheikh Khalifa bin Zayed Al Nahyan and became operational in June 2015. For more details, visit or follow our social media channels:For more information, please contact: Hind Ahli / Meera Alrahma Emirates Development Bank /
Zawya
22-05-2025
- Business
- Zawya
RAKBANK, EDA announce $272mln co-financing to support UAE's industrial growth
Abu Dhabi – The National Bank of Ras Al Khaimah (RAKBANK) and Emirates Development Bank (EDB) jointly launched a co-financing partnership totaling AED 1 billion to support growth in national priority sectors. The initiative aims to boost the UAE-based micro, small and medium enterprises (mSMEs), according to a press release. This collaboration marks one of the largest mSME-dedicated co-lending programs of its kind in the region. It is expected to enhance access to capital for businesses operating in manufacturing, advanced technology, food security, renewables, and healthcare across the UAE. Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, said: "At EDB, we've committed more than AED 18.8 billion in financing since 2021 to accelerate economic transformation, and we know from experience that unlocking mSME growth is one of the most effective ways to strengthen our industrial base." Raheel Ahmed, Group CEO of RAKBANK, added: "This AED 1 billion partnership fund is a bold step forward in our commitment to serve them better. By joining forces with Emirates Development Bank, we're not just unlocking capital — we're creating real opportunities for entrepreneurs to grow, scale, and contribute to a more dynamic and sustainable national economy." Meanwhile, the fund will be deployed within 12 months of the agreement, with RAKBANK overseeing risk underwriting and portfolio management, while providing monthly performance reports to EDB. Both institutions will collaborate on outreach, awareness, and stakeholder engagement to maximize visibility and impact. RAKBANK recently announced its quarterly results, logging net profits after tax valued at AED 704.49 million in the first quarter (Q1) of 2025. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
15-05-2025
- Business
- Zawya
Emirates Development Bank explores industrial development prospects with strategic partners
Emirates Development Bank (EDB), the UAE's key financial engine for economic diversification and industrial transformation, concluded the latest edition of its flagship forum, EDB Connect, in Abu Dhabi, which brought together public and private sector leaders to explore the future of mission-critical industries and the role of innovation, policy, and financing in building a resilient, self-sufficient economy. Held under the theme of 'Strengthening Mission-Critical Manufacturing: Building a Resilient and Sustainable UAE', the latest edition of the event series, the second to be held in Abu Dhabi, marked a critical milestone in the national lead-up to the UAE's flagship industrial event Make it in the Emirates, which will be held later this month. Organised in close collaboration with the 'Make it in the Emirates' initiative by the Ministry of Industry and Advanced Technology (MoIAT), EDB Connect convened senior policymakers, industrialists, innovators, and financial partners to accelerate the UAE's industrial agenda. Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, said, 'This year's edition of EDB Connect in Abu Dhabi reflects our firm belief that the UAE's industrial future will be built through collective action — through partners, policymakers, and pioneers all working in alignment, As the countdown to Make it in the Emirates begins, today's dialogue highlights how innovation and collaboration are essential to delivering the future of UAE manufacturing." Throughout the day at EDB Connect in Abu Dhabi, panel discussions explored the role of frontier technologies in industrial development, including the practical applications of AI and robotics across the Bank's priority sectors: renewables, advanced technology, manufacturing, food security, and healthcare. To complement this momentum, the agenda featured keynote addresses led by Osama Amir Fadhel, Assistant Undersecretary for the Industrial Accelerator Sector at the Ministry of Industry and Advanced Technology, and Marwa Al Mansoori, Board Member at the Abu Dhabi Chamber of Commerce and Industry. Additional sessions brought together Maria Hanif Al-Qassim, Assistant Undersecretary for Policies and Economic Studies at the Ministry of Economy, alongside senior experts from the Ministry of Industry and Advanced Technology, Ministry of Economy, ADNOC, Dubai Industrial City, Sharjah Research, Technology and Innovation Park, KEZAD Group, ADIO, First Abu Dhabi Bank, and Ras Al Khaimah Economic Zones, who shared insights on unlocking industrial innovation, financing strategies, and strengthening public-private partnerships. A special panel on innovation ecosystems brought together senior leaders to discuss how to embed innovation across sectors, while another session on strategic partnerships explored the evolving role of co-financing, export credit, and patient capital in supporting SME competitiveness and long-term industrial value creation. As part of this digital-first strategy, EDB also highlighted the continued success of its EDB 360 platform — a no-fee, no-minimum-balance digital banking solution that enables fast onboarding, fintech-powered lending, and ecosystem access for entrepreneurs and SMEs.
Zawya
19-02-2025
- Business
- Zawya
EDB reports record 2024 results, with a 222% year on year increase in financing
AED 15.7 billion in Financing Since the launch of its strategy in 2021 2025 Targets: Total financing to increase to AED 23 billion in 2025, with significant allocations to manufacturing, advanced technology, renewable energy, and SMEs which reaffirms the Bank's commitment to its strategic priorities. Sultan Al Jaber: In line with the vision of our leadership, the Bank continues to focus on supporting the growth of the industrial sector and enhancing the UAE's attractiveness as an investment destination. Ahmed Al Naqbi: A 222% increase in financing in 2024 underscores EDB's role in enhancing industrial growth and job creation. • Innovative financing solutions and financial inclusion cement the Bank's position as a key engine of economic transformation in the UAE. Abu Dhabi, UAE: – Emirates Development Bank ('EDB' or the 'Bank), 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 AED15.7 billion, increasing the Bank's contribution to the UAE's industrial GDP impact to AED7.4 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 mobilized a total of AED 50.2 Billion in CAPEX financing, which supported AED 15 Billion in greenfield projects, , and facilitated AED 7 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. His Excellency 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 AED 15.7 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." His Excellency Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, added: '2024 marked a defining year of exceptional progress for EDB, with AED 8.7 billion in financing—an impressive 222% increase from 2023—resulting in a notable AED 4.1 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 AED1.2 billion through trade finance solutions in 2024. The manufacturing sector remained at the forefront of EDB's strategic focus, receiving AED4.23 billion in financing throughout the year, which is 49% of the year's total financing. This support drove advancements in UAE-based industrial projects, emphasizing the Bank's commitment to bolstering national manufacturing capabilities. Parallel to this, EDB sustained its contributions to technological and sustainable innovation in 2024, with AED1.2 billion supporting renewable energy projects, affirming EDB's alignment with the UAE's net zero objectives. Financing for advanced technology has reached AED 3 billion, underscoring EDB's commitment to fostering the adoption of cutting-edge industrial innovations. Additionally, total financing to the food security sector amounted to AED 1.22 billion, while the healthcare sector received AED 1.14 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 AED3 billion, including AED758 million through the Bank's Credit Guarantee Scheme in partnership with 11 commercial banks, AED2.1 billion in direct financing to mSMEs and AED107 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 recognized 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 AED23 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.
