Fitch Ratings has affirmed Emirates Development Bank’s long-term issuer rating at “AA-” with a stable outlook based on the bank’s strong capacity to meet its financial obligations.
The “AA-” investment grade rating from Fitch signifies the entity's high credit quality and low credit default risk.
“This rating affirmation is a solid endorsement of EDB’s creditworthiness and strong capitalisation, positioning the bank for expected rapid lending growth,” said Ahmed Al Naqbi, chief executive of EDB.
“The bank continues to support the UAE's national development agendas in the strategic areas of advanced technology, food security, healthcare, renewables and manufacturing, thereby driving the nation's industrial growth and promoting economic diversification.”
EDB is heavily involved in the government’s efforts to develop its non-oil economic and industrial base.
The lender provides direct and indirect financing to start-ups, small and medium enterprises and large corporates in five priority sectors — manufacturing, infrastructure, advanced technology, food security and health care.
It has set aside Dh30 billion ($8.16 billion) for direct and indirect lending to more than 13,500 companies in priority sectors by 2025.
“In assigning the rating, Fitch considered the bank’s important and clearly defined federal policy role, its 100 per cent strategic federal government ownership,” EDB said on Monday.
The bank approved Dh6.1 billion in financing in 2022, a nearly eight-fold jump compared to the previous year, and aims to offer at least Dh6 billion in funding this year, Mr Al Naqbi told The National in an interview last month.
EDB provided loans to about 180 companies last year, Mr Al Naqbi said, with the bulk of them being small enterprises, including 50 to 70 under the “micro” businesses category.
The bank is also increasing its focus on renewables and plans to allocate up to Dh1 billion to support renewable projects this year, Mr Al Naqbi said during a panel discussion at the Investopia event in Abu Dhabi in March.
EDB is also teaming up with The Ministry of Industry and Advanced Technology and Tawazun Industrial Park to provide new financing solutions to support the UAE's defence industry.
It is also partnering with the Abu Dhabi Global Market to support companies looking to set up operations within the international financial centre, and help them expand.
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
BIG SPENDERS
Premier League clubs spent £230 million (Dh1.15 billion) on January transfers, the second-highest total for the mid-season window, the Sports Business Group at Deloitte said in a report.
Match info:
Real Betis v Sevilla, 10.45pm (UAE)
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
'Midnights'
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
Scoreline
Ireland 16 (Tries: Stockdale Cons: Sexton Pens: Sexton 3)
New Zealand 9 (Pens: Barrett 2 Drop Goal: Barrett)
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
Second Test
In Dubai
Pakistan 418-5 (declared)
New Zealand 90 and 131-2 (follow on)
Day 3: New Zealand trail by 197 runs with 8 wickets remaining
Racecard
%3Cp%3E5pm%3A%20Al%20Bateen%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(Turf)%202%2C200m%3Cbr%3E5.30pm%3A%20Al%20Khaleej%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(T)%201%2C400m%3Cbr%3E6pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(T)%201%2C400m%3Cbr%3E6.30pm%3A%20Al%20Nahyan%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%3Cbr%3E7pm%3A%20Al%20Karamah%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%3Cbr%3E7.30pm%3A%20Al%20Salam%20%E2%80%93%20Handicap%20(TB)%20Dh80%2C000%20(T)%201%2C400m%3C%2Fp%3E%0A
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Premier League results
Saturday
Tottenham Hotspur 1 Arsenal 1
Bournemouth 0 Manchester City 1
Brighton & Hove Albion 1 Huddersfield Town 0
Burnley 1 Crystal Palace 3
Manchester United 3 Southampton 2
Wolverhampton Wanderers 2 Cardiff City 0
West Ham United 2 Newcastle United 0
Sunday
Watford 2 Leicester City 1
Fulham 1 Chelsea 2
Everton 0 Liverpool 0
TERMINAL HIGH ALTITUDE AREA DEFENCE (THAAD)
What is THAAD?
It is considered to be the US's most superior missile defence system.
Production:
It was created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.
