Emirates Development Bank is on course to achieve its goals of supporting the UAE’s economy through the growth of the industrial sector and boosting the contribution of small and medium businesses to its gross domestic product.
The lender, a key financial enabler of the country’s economic diversification and industrial transformation agenda, has made significant progress in the first six months of this year and is set to further advance its strategic agenda, EDB said after its fifth board meeting.
“EDB has taken strong strides in its strategic road map to support the country’s economic diversification efforts,” said Dr Sultan Al Jaber, chairman of the EDB board and Minister of Industry and Advanced Technology.
“The steps taken in such a short span of time, since the launch of our new strategy, augur well for our long-term plans.”
In its latest meeting, the EDB board discussed the plan for the second half of 2021. That included initiatives to position assets in the developmental space and hasten the bank's digitisation agenda.
EDB was founded in 2011 after a merger between Emirates Industrial Bank and the Real Estate Bank. The lender has overhauled its strategy and 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 health care, infrastructure, food security, technology and help in the creation of 25,000 jobs.
EDB is also providing critical assistance that enables the development and financing of SMEs.
The bank's board also reviewed its performance during the first six months of the year, including the launch of its credit guarantee and co-lending programme.
It also looked at its partnership with the Ministry of Industry and Advanced Technology and issuance of its second bond of Dh750 million, which was four times oversubscribed.
“We have made considerable progress in the first half of 2021,” said Ahmed Al Naqbi, chief executive of EDB. “Our partnerships with government entities, partner banks and anchor buyers are significant milestones in our journey as they highlight our commitment to provide an all-encompassing business ecosystem to SMEs and unlock immense potential for them.”
EDB has signed credit guarantee and co-lending programmes for SMEs with five partner banks, including RAKBank, Commercial Bank of Dubai, National Bank of Umm Al Quwain, Mashreq and First Abu Dhabi Bank.
As part of the agreement, EDB’s partner banks can offer up to Dh10m financing to an SME, and 50 per cent of the amount will be either guaranteed or co-lent by EDB.
In June, EDB signed an agreement with Dubai-based Beehive to boost funding to UAE SMEs in priority economic sectors. Beehive, a peer-to-peer platform, will provide loans to "creditworthy" SMEs looking to expand their operations or improve working capital through Dh30m of funding allocated by EDB.
EDB has also tied up with the Sharjah Chamber of Commerce and Industry to support manufacturers, exporters and SMEs through direct and indirect lending and equity funding for SMEs and start-ups.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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GULF MEN'S LEAGUE
Pool A Dubai Hurricanes, Bahrain, Dubai Exiles, Dubai Tigers 2
Pool B Abu Dhabi Harlequins, Jebel Ali Dragons, Dubai Knights Eagles, Dubai Tigers
Opening fixtures
Thursday, December 5
6.40pm, Pitch 8, Abu Dhabi Harlequins v Dubai Knights Eagles
7pm, Pitch 2, Jebel Ali Dragons v Dubai Tigers
7pm, Pitch 4, Dubai Hurricanes v Dubai Exiles
7pm, Pitch 5, Bahrain v Dubai Eagles 2
Recent winners
2018 Dubai Hurricanes
2017 Dubai Exiles
2016 Abu Dhabi Harlequins
2015 Abu Dhabi Harlequins
2014 Abu Dhabi Harlequins
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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- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
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Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
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RESULTS
Light Flyweight (48kg): Alua Balkibekova (KAZ) beat Gulasal Sultonalieva (UZB) by points 4-1.
Flyweight (51kg): Nazym Kyzaibay (KAZ) beat Mary Kom (IND) 3-2.
Bantamweight (54kg): Dina Zholaman (KAZ) beat Sitora Shogdarova (UZB) 3-2.
Featherweight (57kg): Sitora Turdibekova (UZB) beat Vladislava Kukhta (KAZ) 5-0.
Lightweight (60kg): Rimma Volossenko (KAZ) beat Huswatun Hasanah (INA) KO round-1.
Light Welterweight (64kg): Milana Safronova (KAZ) beat Lalbuatsaihi (IND) 3-2.
Welterweight (69kg): Valentina Khalzova (KAZ) beat Navbakhor Khamidova (UZB) 5-0
Middleweight (75kg): Pooja Rani (IND) beat Mavluda Movlonova (UZB) 5-0.
Light Heavyweight (81kg): Farida Sholtay (KAZ) beat Ruzmetova Sokhiba (UZB) 5-0.
Heavyweight (81 kg): Lazzat Kungeibayeva (KAZ) beat Anupama (IND) 3-2.
