Emirates Development Bank, the state-owned lender that provides financing for the UAE’s priority sectors, has said that its contribution to the country's industrial gross domestic product soared to Dh4.3 billion ($1.17 billion) in 2023, amid a record year for the lender.
The 80 per cent annual surge puts EDB well on pace to achieve its goal of contributing Dh10 billion to the industrial economy by 2026, the Abu Dhabi-based bank said on Monday.
Total net financing approvals stood at Dh8.7 billion, also on track to realise EDB's strategy launched in 2021 that entails providing Dh30 billion in support to 13,500 companies by 2026.
EDB's 2023 performance was underpinned by a significant jump in net financing approvals for small and medium enterprises, which rose 72 per cent to Dh3.3 billion last year, it said.
The growth in GDP contribution and SME financing also led to the creation of a total of 17,219 jobs during the 12-month period, about 44 per cent higher than the 12,000-plus in 2022, the bank said.
In addition, EDB approved Dh1.3 billion in financing under its credit guarantee programme with partner banks in the UAE, which is a 64 per cent rise compared with 2022, reflecting the bank's “commitment to enhancing the financial inclusion of SMEs”.
“EDB’s dynamic strategy, which offers innovative financing solutions, has played a pivotal role in reshaping the UAE's industrial sector,” its chairman Dr Sultan Al Jaber, who is also Minister of Industry and Advanced Technology, said.
“These unparalleled results showcase the bank's commitment to making progress towards its goals, building a diversified economy and contributing to the resilience and competitiveness of the national economy.”
EDB, which became operational in June 2015, is a key financial engine for the economic development and industrial advancement of the UAE.
Its strategy is in line with the UAE government's special focus for the SME sector, considered critical for economic diversification, employment and expansion.
About 94 per cent of all companies operating in the UAE are SMEs, employing more than 86 per cent of the private sector labour force, data from the Ministry of Economy shows.
Local state-backed entities and strategies that support the sector include the National SME Programme, the UAE SME Council, Abu Dhabi's Khalifa Fund, Dubai SME and Operation 300bn, the 10-year strategy that seeks to increase the industrial sector's contribution to the country's GDP to Dh300 billion by 2031.
“We have set a clear goal to elevate EDB’s contribution to the UAE’s GDP … focusing on empowering the private sector to drive the nation's economic growth,” said Ahmed Al Naqbi, chief executive of EDB.
Mr Al Naqbi said 2023 has been “a milestone” for EDB in “reinforcing its role as a key enabler” of the UAE's economic growth and industrial advancement.
“Our strategic emphasis on sectors crucial to the UAE’s future development has led to the deployment of innovative and sustainable financing solutions,” he said.
Book%20Details
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Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
1. Mix the baking soda and castile soap until you get a nice consistency.
2. Add the essential oil to the mix.
Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
1. Add water and oil to spray bottle to store.
2. Shake well before use.
Villains
Queens of the Stone Age
Matador
Results
5.30pm Maiden (TB) Dh82,500 (Turf) 1,400m
Winner Spirit Of Light, Clement Lecoeuvre (jockey), Erwan Charpy (trainer)
6.05pm Maiden (TB) Dh82,500 (Dirt) 1,900m
Winner Bright Start, Pat Cosgrave, Saeed bin Suroor
6.40pm Handicap (TB) Dh92,500 (D) 2,000m
Winner Twelfthofneverland, Nathan Crosse, Satish Seemar
7.15pm Handicap (TB) Dh85,000 (T) 1,600m
Winner Imperial Empire, Tadhg O’Shea, Satish Seemar
7.50pm Handicap (TB) Dh92,500 (T) 2,000m
Winner Record Man, Tadhg O’Shea, Satish Seemar
8.25pm Handicap (TB) Dh92,500 (D) 1,600m
Winner Celtic Prince, Fabrice Veron, Rashed Bouresly
Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
Squads
Pakistan: Sarfaraz Ahmed (c), Babar Azam (vc), Abid Ali, Asif Ali, Fakhar Zaman, Haris Sohail, Mohammad Hasnain, Iftikhar Ahmed, Imad Wasim, Mohammad Amir, Mohammad Nawaz, Mohammad Rizwan, Shadab Khan, Usman Shinwari, Wahab Riaz
Sri Lanka: Lahiru Thirimanne (c), Danushka Gunathilaka, Sadeera Samarawickrama, Avishka Fernando, Oshada Fernando, Shehan Jayasuriya, Dasun Shanaka, Minod Bhanuka, Angelo Perera, Wanindu Hasaranga, Lakshan Sandakan, Nuwan Pradeep, Isuru Udana, Kasun Rajitha, Lahiru Kumara
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
'Gold'
Director:Anthony Hayes
Stars:Zaf Efron, Anthony Hayes
Rating:3/5
FIGHT CARD
Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)
Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)
Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)
Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)
Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)
Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)
Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)
Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)
Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)
Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)
Middleweight Tarek Suleiman (SYR) v Laid Zerhouni (ALG)
Company profile
Name: Oulo.com
Founder: Kamal Nazha
Based: Dubai
Founded: 2020
Number of employees: 5
Sector: Technology
Funding: $450,000
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
UAE currency: the story behind the money in your pockets
