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.
Challenge Cup result:
1. UAE 3 faults
2. Ireland 9 faults
3. Brazil 11 faults
4. Spain 15 faults
5. Great Britain 17 faults
6. New Zealand 20 faults
7. Italy 26 faults
Paltan
Producer: JP Films, Zee Studios
Director: JP Dutta
Cast: Jackie Shroff, Sonu Sood, Arjun Rampal, Siddhanth Kapoor, Luv Sinha and Harshvardhan Rane
Rating: 2/5
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars
MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
Abu Dhabi card
5pm: Handicap (TB) Dh100,000 2,400m
5.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 2,200m
6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 1,400m
6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 1,400m
7pm: Handicap (PA) Dh85,000 1,600m
7.30pm: Maiden (PA) Dh80,000 1,600m
The National selections:
5pm: Valcartier
5.30pm: AF Taraha
6pm: Dhafra
6.30pm: Maqam
7pm: AF Mekhbat
7.30pm: Ezz Al Rawasi
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
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
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham 0-1 Ajax, Tuesday
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Game is on BeIN Sports
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
ICC T20 Rankings
1. India - 270 ranking points
2. England - 265 points
3. Pakistan - 261 points
4. South Africa - 253 points
5. Australia - 251 points
6. New Zealand - 250 points
7. West Indies - 240 points
8. Bangladesh - 233 points
9. Sri Lanka - 230 points
10. Afghanistan - 226 points
UAE currency: the story behind the money in your pockets
Also on December 7 to 9, the third edition of the Gulf Car Festival (www.gulfcarfestival.com) will take over Dubai Festival City Mall, a new venue for the event. Last year's festival brought together about 900 cars worth more than Dh300 million from across the Emirates and wider Gulf region – and that first figure is set to swell by several hundred this time around, with between 1,000 and 1,200 cars expected. The first day is themed around American muscle; the second centres on supercars, exotics, European cars and classics; and the final day will major in JDM (Japanese domestic market) cars, tuned vehicles and trucks. Individuals and car clubs can register their vehicles, although the festival isn’t all static displays, with stunt drifting, a rev battle, car pulls and a burnout competition.
