Emirates Development Bank has signed an agreement with Emirates NBD to provide increased financial support to Small and Medium Enterprises in priority sectors in the UAE.
As part of the deal, Emirates NBD will offer up to Dh5 million ($1.36m) of financing to small and medium enterprises with 50 per cent of it being guaranteed by EDB.
The agreement forms part “of our endeavour to support the country’s economic diversification plans and bridging the funding gap for SMEs operating in priority sectors in the UAE”, said Ahmed Al Naqbi, chief executive of EDB.
“We look forward to facilitating easy access to financial sources for SMEs, supporting the UAE’s goals to build a robust knowledge-based economy and contributing to sustainable economic development.”
EDB was founded in 2011 through a merger between the Emirates Industrial Bank and Real Estate bank. It aims to provide Dh30 billion in financing over the next five years to support the UAE's efforts to more than double the size of its industrial sector by 2031.
It will fund industries such as healthcare, infrastructure, food security and technology, and help generate 25,000 jobs.
“We are pleased to join hands with EDB as part of our long-term, strategic commitment to further the growth of small businesses in the UAE through appropriate and timely financing support, enabling more entities to access credit easily to grow their businesses,” Shayne Nelson, group chief executive of Emirates NBD, said.
EDB has signed similar agreements with other lenders in the UAE including RAKBank, Commercial Bank of Dubai and the National Bank of Umm Al Qaiwain earlier this year.
The UAE’s economy is expected to grow by more than 4 per cent this year as the country continues to introduce initiatives to help it recover from the coronavirus pandemic-induced slowdown, Minister of Economy Abdulla bin Touq said earlier this month.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
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Company%20profile
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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