Emirates Development Bank, the state-owned lender focused on financing the UAE's priority sectors, approved Dh6.1 billion ($1.66 billion) in financing in 2022 to boost the country's industrial growth.
The funding marked an increase of nearly eight times on an annual basis, the bank said on Wednesday.
A total of Dh1.8 billion in loans was approved to small and medium enterprises last year, representing an increase of 387 per cent year on year.
This included Dh1.2 billion in direct financing and Dh611 million in indirect financing through EDB’s credit guarantee programme with partner commercial banks.
Loans disbursed through the EDB micro-lending platform powered by Beehive stood at more than Dh100 million.
The platform allows SMEs to apply for loans of up to Dh5 million — directly through its business banking app — and receive approval or feedback within five days.
Meanwhile, loans approved for large corporates surged to Dh4.3 billion as part of efforts to support the UAE’s “national priority sectors with large projects in key areas”, including data centres, desalination plants, transport, hospitals, manufacturers and specialised logistics, the bank said.
EDB's financing activities in 2022 contributed Dh3.5 billion to the UAE's non-oil gross domestic product and supported the creation of more than 12,000 industrial jobs, it said.
“Emirates Development Bank plays a pivotal role in supporting the national industrial sector by facilitating the adoption of advanced technology, enabling the growth of SMEs and cultivating an ecosystem for innovation,” said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and chairman of EDB.
“This is in line with the national developmental goals of the UAE to ensure sustainable growth and diversification of the economy.”
EDB will continue to play a “strategic role in supporting the industrialisation and development of a sustainable and knowledge-based economy for the UAE”, he said.
As part of its economic diversification, the UAE is focusing heavily on boosting its local industrial sector.
In 2021, the country launched the Operation 300bn strategy, which seeks to position the Arab world’s second-largest economy as a global industrial centre by 2031.
The 10-year plan focuses on increasing the industrial sector's contribution to the country's GDP to Dh300 billion by 2031, from Dh133 billion in 2021.
The strategy seeks to boost production in 11 priority sectors, support the growth of national industries, attract foreign investment and ensure the availability of dedicated financing for local industrial companies.
EDB, which was founded in 2011 after a merger between Emirates Industrial Bank and Real Estate Bank, provides direct and indirect financing to UAE-domiciled businesses or projects across any of its five priority sectors — manufacturing, infrastructure, advanced technology, food security and health care.
The bank also supports entrepreneurs and start-ups with non-financial services such as the provision of training and advisory programmes designed to build credit worthiness.
The lender works with state entities such as the Ministry of Industry and Advanced Technology , and free zones such as the Abu Dhabi Global Market, Dubai Industrial City, Jebel Ali Free Zone and Khalifa Industrial Zone to provide financing to their clients.
Last week, EDB also signed a preliminary agreement with the Ministry of Industry and Advanced Technology and Tawazun Industrial Park to provide flexible solutions such as green financing, as well as the financing of capital expenditure, start-ups and SMEs, to support the UAE's defence industry.
“The bank’s growing financing activities, product suite and advisory capabilities for mSMEs [micro, small and medium enterprises] and large corporates have enabled it to achieve record levels of loans approved, GDP contribution and job creation,” EDB chief executive Ahmed Al Naqbi said.
“As we look to 2023, we will build on this momentum. We are well positioned to further drive our developmental mandate, enhance the bank’s financial offerings across our five strategic sectors and continue contributing to the economic competitiveness of our nation.”
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The results of the first round are as follows:
Qais Saied (Independent): 18.4 per cent
Nabil Karoui (Qalb Tounes): 15.58 per cent
Abdelfattah Mourou (Ennahdha party): 12.88 per cent
Abdelkarim Zbidi (two-time defence minister backed by Nidaa Tounes party): 10.7 per cent
Youssef Chahed (former prime minister, leader of Long Live Tunisia): 7.3 per cent
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
The biog
Fatima Al Darmaki is an Emirati widow with three children
She has received 46 certificates of appreciation and excellence throughout her career
She won the 'ideal mother' category at the Minister of Interior Awards for Excellence
Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Killing of Qassem Suleimani
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
UAE currency: the story behind the money in your pockets
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
SCHEDULE
Thursday, December 6
08.00-15.00 Technical scrutineering
15.00-17.00 Extra free practice
Friday, December 7
09.10-09.30 F4 free practice
09.40-10.00 F4 time trials
10.15-11.15 F1 free practice
14.00 F4 race 1
15.30 BRM F1 qualifying
Saturday, December 8
09.10-09.30 F4 free practice
09.40-10.00 F4 time trials
10.15-11.15 F1 free practice
14.00 F4 race 2
15.30 Grand Prix of Abu Dhabi
Match info
Premier League
Manchester United 2 (Martial 30', Lingard 69')
Arsenal 2 (Mustafi 26', Rojo 68' OG)
Rashid & Rajab
Director: Mohammed Saeed Harib
Stars: Shadi Alfons, Marwan Abdullah, Doaa Mostafa Ragab
Two stars out of five
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
More coverage from the Future Forum
Jurassic%20Park
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ESteven%20Spielberg%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Sam%20Neill%2C%20Jeff%20Goldblum%20and%20Richard%20Attenborough%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
Getting%20there%20and%20where%20to%20stay
%3Cp%3EEtihad%20Airways%20operates%20seasonal%20flights%20from%20Abu%20Dhabi%20to%20Nice%20C%C3%B4te%20d'Azur%20Airport.%20Services%20depart%20the%20UAE%20on%20Wednesdays%20and%20Sundays%20with%20outbound%20flights%20stopping%20briefly%20in%20Rome%2C%20return%20flights%20are%20non-stop.%20Fares%20start%20from%20Dh3%2C315%2C%20flights%20operate%20until%20September%2018%2C%202022.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20Radisson%20Blu%20Hotel%20Nice%20offers%20a%20western%20location%20right%20on%20Promenade%20des%20Anglais%20with%20rooms%20overlooking%20the%20Bay%20of%20Angels.%20Stays%20are%20priced%20from%20%E2%82%AC101%20(%24114)%2C%20including%20taxes.%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
