Abu Dhabi-based Emirates Development Bank (EDB) contributed Dh1.91 billion ($520 million) to the UAE’s gross domestic product over the past twelve months, as it continued to play a key role in supporting the Gulf country’s industrial strategy.
The announcement came at the EDB board's first meeting of 2022.
The lender also provided direct and indirect financing to 1,350 small and medium-sized enterprises (SMEs) across priority sectors and rolled out a new credit guarantee platform, which was able to mobilise more than Dh332m of capital to SMEs, it announced in a statement on Sunday.
The bank’s new strategy and economic contribution, which was launched in March 2021, underlines "its importance not just to the UAE’s industrial sector, but also to the nation’s economic diversification, global competitiveness and long-term, sustainable economic growth”, said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and EDB board chairman.
“Over the years, the UAE has achieved significant growth and progress across various sectors that are now actively contributing to the nation’s GDP growth," Dr Al Jaber said.
"Through the EDB and its new strategy, we aim to ensure that the industrial sector keeps pace with that growth and achieves the aspirations of the UAE leadership.”
EDB, founded in 2011 through the merger of Emirates Industrial Bank and Real Estate bank, is playing a key role in supporting the UAE's industrial sector through financing programmes.
The bank’s new strategy was launched in March 2021 to support the UAE’s industrial development, accelerate the adoption of advanced technologies and empower the growth of SMEs in the country.
It focuses on the growth and development of large corporations and SMEs in five key sectors including manufacturing, advanced technology, infrastructure, health care and food security.
The lender has allocated Dh30bn to facilitate direct and indirect lending to more than 13,500 companies in these priority sectors by 2025.
“A few highlights include the financing of Dh1.52bn to projects in priority sectors and establishing partnerships with nine commercial banks, resulting in credit guarantees worth Dh332m,” said Ahmad Al Falasi, Minister of State for Entrepreneurship and SMEs and EDB deputy chairman.
Over the years, the UAE has achieved significant growth and progress across various sectors. Through the EDB and its new strategy, we aim to ensure that the industrial sector keeps pace with that growth
Dr Sultan Al Jaber,
UAE Minister of Industry and Advanced Technology and EDB board chairman
EDB also launched a large corporate banking division in less than a year and a digital banking application focused on SMEs and start-ups. In its first six months, over 1000 digital banking accounts have been registered, the statement said.
The lender has also signed memorandums of understanding with 26 partners, including banks, public and private sector entities, chambers of commerce and free zones, over the past 12 months to attract foreign direct investment (FDI) to the UAE. It also conducted more than 16 roadshows and industry events.
EDB has been active in forging local partnerships. Last October, it signed an agreement with the Abu Dhabi Investment Office to further boost FDI and attract more businesses to the capital. A month earlier, it teamed up with Ajman Free Zone to support the development of Emirati-led SMEs.
“We will continue to drive forward our efforts to support priority sectors and increase our value-added financing support for projects in technology, health care, food security, manufacturing and infrastructure as we look to the year ahead,” EDB’s chief executive Ahmed Al Naqbi said.
Mr Al Naqbi led the launch of two EDB initiatives with a total value of Dh10bn as part of the UAE’s Projects of the 50 campaign. The initiative allocated Dh5bn to support Emirati entrepreneurship and innovation, and another Dh5bn to accelerate industrial development and the adoption of advanced technology in the UAE.
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Results
5pm: Maiden (PA) Dh 80,000 (Turf) 1,400m. Winner: Al Ajeeb W’Rsan, Pat Dobbs (jockey), Jaci Wickham (trainer).
5.30pm: Maiden (PA) Dh 80,000 (T) 1,400m racing. Winner: Mujeeb, Fabrice Veron, Eric Lemartinel.
6pm: Handicap (PA) Dh 90,000 (T) 2,200m. Winner: Onward, Connor Beasley, Abdallah Al Hammadi.
6.30pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown Prep Rated Conditions (PA) Dh 125,000 (T) 2,200m. Winner: Somoud, Richard Mullen, Jean de Roualle.
7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 (T) 1,600m. Winner: AF Arrab, Tadhg O’Shea, Ernst Oertel.
7.30pm: Handicap (TB) Dh 90,000 (T) 1,400m. Winner: Irish Freedom, Richard Mullen, Satish Seemar.
Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The Details
Article 15
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Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
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'Panga'
Directed by Ashwiny Iyer Tiwari
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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.
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UAE currency: the story behind the money in your pockets
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
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A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
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Director: Clint Eastwood
Stars: Clint Eastwood, Dwight Yoakam
Rating:**
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
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Price: From Dh650,000
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UAE currency: the story behind the money in your pockets
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
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Price: From Dh117,059
