Abu Dhabi, United Arab Emirates, 17 July 2023: Emirates Development Bank (“EDB” or “the Bank”), the key financial engine of UAE economic development and industrial advancement, has won the ‘Best Regional Development Bank’ award by International Finance, a premium business and finance magazine under UK’s International Finance Publications Limited.
International Finance Awards feature 11 award categories recognizing industry talent, leadership skills, industry net worth and capability on an international platform. After careful consideration of nominations by a qualified research team, winners are declared on the strength of their application and past accomplishments. The Best Regional Development Bank title comes under the International Finance Banking Awards which highlight the accomplishments of banks leading in innovation, economic development and customer service excellence.
EDB’s win underscores the success of its ambitious strategy which aims at empowering businesses of all sizes through flexible and innovative financing solutions. EDB backs businesses and projects that boost local production capabilities and support sustainable national industries, driving socio-economic impact in line with the UAE’s national development plans. Under its strategy, the Bank will approve AED30 billion in financing support to 13,500 companies within five priority sectors – renewables, manufacturing, technology, healthcare, and food security – by 2026.
His Excellency Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Chairman of Emirates Development Bank, said: “Emirates Development Bank aims to contribute to the UAE’s sustainable development efforts in line with vision and guidance of the country’s wise leadership. Being recognized as the Best Regional Development Bank by a prestigious organization such as International Finance is a true reflection of EDB’s commitment to playing a key role in driving economic growth and impact in the UAE through innovative financing solutions. It demonstrates EDB’s role as a key financial engine for economic diversification and making major advancement in the national industrial sector. The Bank’s financing of sectors of strategic priority to national development plans, will contribute to cementing the UAE’s position as a regional market for industrial growth and a global centre for trade and investment.
Ahmed Mohamed Al Naqbi, Chief Executive Officer at Emirates Development Bank, said: “We are pleased to win the International Finance Award for Best Regional Development Bank. Following our outstanding performance in 2022, this recognition reinforces our role as the key financial engine for national economic and industrial development, cementing the UAE’s leading position and competitiveness regionally and globally. Our strategy and accomplishments are backed by core values that differentiate EDB from commercial banks. We drive economic impact over profit and continue to empower businesses to achieve their growth aspirations while delivering economic value.
“I would like to express my deep gratitude and appreciation for our people at EDB who continue to help businesses and enable our customers’ success and thank our partners and shareholders whose support help us deliver on our national commitments and lead the way forward.”
EDB offers a patient debt approach with an emphasis on developmental impact. In 2022 alone, the Bank approved a total of AED 6.1 billion in financing for different businesses that have a lasting impact on the UAE’s economy. The Bank’s direct and indirect financing is offered with long tenors, higher loan-to-value ratios, lower rates and interest grace periods.
As part of its commitment to delivering excellent customer service, EDB has launched its ‘Business Banking’ App in 2021 which provides an unmatched digital bank account user experience, allowing businesses to open bank accounts and receive an IBAN within 48 hours. Additionally, the app features a financing service that enables SMEs to apply for finance up to AED5 million and receive approval or feedback within five days.
