Emirates Development Bank, the state-owned lender focused on financing the UAE's priority sectors, contributed more than Dh3.5 billion ($953 million) to the country’s gross domestic product in 2022 and supported the creation of more than 12,000 industrial jobs.
By 2026, the target is for the bank to provide Dh30 billion in support to 13,500 companies, which, in turn, will contribute Dh10 billion to the country's economic output, EDB said on Wednesday in its 2022 annual report to Nasdaq Dubai.
“EDB’s flexible financing programmes to support companies of all sizes have played a critical role in catalysing the sustainable growth and diversification of the UAE’s economy, and helped accelerate advanced technology adoption across industries,” said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and EDB chairman.
“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 approved loans, GDP contribution and job creation in the sectors it supports.”
Last year, EDB approved Dh6.1 billion in loans, of which Dh1.8 billion was approved for SMEs. The funding approved for large corporates rose to Dh4.3 billion.
The bank aims to approve loans worth Dh6 billion or more this year, to match its funding last year, chief executive Ahmed Al Naqbi told The National in March.
EDB, which became operational in 2015, is a key financial engine for the economic development and industrial advancement of the UAE.
The bank provides direct and indirect financing to UAE-domiciled businesses or projects across its five priority sectors – manufacturing, infrastructure, advanced technology, food security and health care.
It has been taking steps towards attaining the goals of the UAE’s industrial strategy, which aims to boost the sector’s contribution to GDP to Dh300 billion by 2031.
EDB launched its strategy to accelerate the UAE’s industrial development, support SMEs and foster innovation and entrepreneurship two years ago.
Last month, the bank introduced an agriculture technology loans programme, with plans to allocate Dh100 million in financing support for the country's food security sector.
The initiative is aimed at boosting the national agriculture sector in line with the UAE's plans to become a global leader in agricultural innovation, EDB said at the time.
In August last year, EDB launched a lending feature that allows businesses to apply for loans of up to Dh5 million and receive approval feedback within five days.
Start-ups and SMEs can apply for quick loans directly through the bank's digital banking app.
“Since the launch of the EDB business banking app, 2,094 new customers opened accounts and over Dh100 million in loans were applied for through the digital app … reflecting the willingness of our customers to adopt technology-enabled banking practices,” Mr Al Naqbi said on Wednesday.
EDB’s asset portfolio rose to Dh13.7 billion in 2022, from Dh9.1 billion in 2020, it said.
Going forward, EDB plans to focus on digitalisation and strengthen its platform for financial technology providers, giving mSME customers access to financing and helping them to adopt FinTech solutions, it said in its annual report.
The bank plans to launch a range of online and app-provided self-service channels this year, the report said.
This will eliminate the need for customers to visit a branch for transactions such as fund drawdowns, account statements, liability letter requests and balance statements.
Digital access will cover direct as well as indirect finance, it said.
EDB’s mSME division also plans to increase its staff by about 50 per cent this year across its customer-facing and back-end operational and IT roles, the lender said.
“We are looking to enhance our wholesale banking capabilities including the development of specialised sector focused products [such as AgriTech], focus on the build-up of a syndication and distribution desk and cash management function, as well as enhancing our partnerships to be at forefront of industry-related finance,” Mr Al Naqbi said.
Furthermore, as the UAE gears up to host the Cop28 climate conference in November, EDB will play a key role in helping the country to achieve its climate action agenda, said Dr Al Jaber.
“At EDB, we will play our part through the financing of sustainable and renewable energy projects and technologies in line with national development priorities and initiatives,” he said.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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.”
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Mobile phone packages comparison
The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
COMPANY%20PROFILE
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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
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Company%C2%A0profile
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Tips%20for%20holiday%20homeowners
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If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
UAE currency: the story behind the money in your pockets
Anna and the Apocalypse
Director: John McPhail
Starring: Ella Hunt, Malcolm Cumming, Mark Benton
Three stars
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
THE BIO
Ambition: To create awareness among young about people with disabilities and make the world a more inclusive place
Job Title: Human resources administrator, Expo 2020 Dubai
First jobs: Co-ordinator with Magrudy Enterprises; HR coordinator at Jumeirah Group
Entrepreneur: Started his own graphic design business
Favourite singer: Avril Lavigne
Favourite travel destination: Germany and Saudi Arabia
Family: Six sisters
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%3Cp%3EDungeons%20%26amp%3B%20Dragons%20began%20as%20an%20interactive%20game%20which%20would%20be%20set%20up%20on%20a%20table%20in%201974.%20One%20player%20takes%20on%20the%20role%20of%20dungeon%20master%2C%20who%20directs%20the%20game%2C%20while%20the%20other%20players%20each%20portray%20a%20character%2C%20determining%20its%20species%2C%20occupation%20and%20moral%20and%20ethical%20outlook.%20They%20can%20choose%20the%20character%E2%80%99s%20abilities%2C%20such%20as%20strength%2C%20constitution%2C%20dexterity%2C%20intelligence%2C%20wisdom%20and%20charisma.%20In%20layman%E2%80%99s%20terms%2C%20the%20winner%20is%20the%20one%20who%20amasses%20the%20highest%20score.%3C%2Fp%3E%0A
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
NATIONAL%20SELECTIONS
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SQUADS
UAE
Mohammed Naveed (captain), Mohamed Usman (vice-captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Nepal
Paras Khadka (captain), Gyanendra Malla, Dipendra Singh Airee, Pradeep Airee, Binod Bhandari, Avinash Bohara, Sundeep Jora, Sompal Kami, Karan KC, Rohit Paudel, Sandeep Lamichhane, Lalit Rajbanshi, Basant Regmi, Pawan Sarraf, Bhim Sharki, Aarif Sheikh
MATCH STATS
Wolves 0
Aston Villa 1 (El Ghazi 90 4' pen)
Red cards: Joao Moutinho (Wolves); Douglas Luiz (Aston Villa)
Man of the match: Emi Martinez (Aston Villa)
SPECS
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MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
SPIDER-MAN%3A%20ACROSS%20THE%20SPIDER-VERSE
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Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
