Syed Al Hajjar (Abu Dhabi)
Economic officials and CEOs stressed the importance of the Emirates Development Bank’s role in promoting the UAE Government’s agenda for economic diversification and industrial transformation, especially with the launch of the bank’s new strategy in April 2021, and the focus of its new responsibilities on empowering small and medium-sized enterprises and large companies in the sectors of industry, technology and healthcare, infrastructure and food security.
They told Al-Ittihad that the bank plays a prominent role in accelerating the adoption of advanced technology, promoting innovation, facilitating business and establishing emerging companies, making the UAE’s leading position as an attractive business environment and strengthen investors.
Since the launch of the strategy, the bank has provided support to more than 1,350 small and medium-sized companies, and financing for companies in key sectors has been approved at a value of 1.52 billion dirhams, which has led to the bank’s increase contribution to the gross domestic product to reach 1.91 billion dirhams.
In September 2021, the bank launched its new digital platform that enables start-ups and small business owners to access secure and comprehensive banking services 24 hours a day, as the platform could launch more than 1,000 new bank accounts within the first time open. six months from the commencement of its operations.
To support the achievement of its objectives, the Emirates Development Bank has entered into strategic partnerships with 9 commercial banks with the aim of providing credit guarantees to small and medium-sized companies, amounting to 332 million dirhams.
As part of its efforts to ensure the greatest development economic impact, the Emirates Development Bank has developed the “Development Performance Scale” with the aim of evaluating projects submitted for funding applications according to their expected economic impact in areas such as gross domestic product, national added value, acceptance of advanced technology and other quantitative and qualitative criteria.
Mohammed Helal Al Muhairi, Director-General of the Abu Dhabi Chamber of Commerce and Industry, stressed that the UAE has one of the fastest growing and advanced economies in the world, and that the support provided by the Emirates Development Bank is needed to keep pace with the country’s ambitions.
He said: “The Emirates Development Bank’s contributions to our national economy since the launch of its strategy last year are a living witness to the vital role of our national institutions in achieving the ambitions of our wise leadership, and as a strategic partners of the bank, we are proud of its outstanding achievements in contributing to the diversification of the economy and the utilization of its resources to attract companies to the UAE. ».
In turn, Rashid Abdul Karim Al Balushi, Deputy Secretary of the Abu Dhabi Department of Economic Development, said: Since the launch of the Emirates Development Bank’s strategy, cooperation between us has witnessed increasing growth, as it is our initiatives and plans. included to facilitate the practice of business for investors, and the bank was one of the first banking institutions to provide its services through the “Rahla” platform The digital investor, so that business owners and investors can easily submit bank account opening requests.
He added, “Our cooperation also includes a number of initiatives related to the support of small and medium enterprises, and the development of the industrial sector in line with Abu Dhabi and the UAE’s strategy for economic diversification.”
Engineer Ali Al Suwaidi, Director-General of Ajman Free Zone, in turn said: The financing solutions and other exclusive support services provided by the bank offer high value to small and medium-sized companies registered in the Ajman Free Zone, and this partnership allows many projects to access a wide range of products and services that positively impact its development.
In turn, dr. Bernd van Linder, CEO of Commercial Bank of Dubai, said: Since its inception, the Emirates Development Bank has played an important role in enabling the agenda of industrial transformation and economic diversification. And in realizing his aspirations by providing. the necessary financing and non-financing solutions to small and medium-sized companies and large companies in the major industrial sectors.
He added: On the occasion of the one-year anniversary of the launch of the Bank’s new strategy, we look forward to this leading national institution continuing its active role in supporting the economic diversification of the UAE and increasing global competitiveness. .
Adnan Al-Awadi, CEO of Umm Al Quwain National Bank, expressed his pride in the fruitful results achieved by Umm Al Quwain National Bank over a year of collaboration with the Emirates Development Bank as part of the bank’s new strategy to increase the rate of financing small and medium-sized enterprises.
He said: “We are proud to work with the Emirates Development Bank with the aim of supporting the growth of these companies, whether owned by UAE citizens or residents, by providing financing facilities for capital expenditure and working capital.”
He added, “The UAE government’s relentless efforts have succeeded in advancing the process of economic development by launching initiatives aimed at developing the entrepreneurial environment in the country.”
Dr. Palat K. Menon, founder and CEO of AstraGene, who benefited from the support of the Emirates Development Bank in 2021, said: “The bank has proven its importance in helping the company start and expand quickly. A possible way, and the bank helped us turn our idea into a viable business.
AstraGene is the first molecular diagnostic company in the Middle East, and the bank provided structured financing that enabled the company to set up its facilities in Dubai Science Park to manufacture and distribute reagents, kits and laboratory diagnostic tools.
Ahmed Al-Naqbi: A Strategic Role to Achieve Sustainable Growth
Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, confirmed that the bank’s new strategy will enable it to play a strategic and crucial role in achieving sustainable growth for the UAE in the long term.
He said: The bank seeks, through its new strategy, to accelerate the growth of the industrial sector in line with the prescriptions and vision of the wise leadership Banking ability and increasing the use of small and medium-sized companies and entrepreneurs from bank financing is important and essential for economic prosperity.
He added, “The bank is currently helping to bridge a huge gap in the sector by supporting projects that have tangible development benefits over the economy as a whole, helping the bank to play a key role in achieving economic diversification plans in the UAE. “
Faik Abu Khadra, Deputy General Manager of UNIMED, said: “As a major financial driver for the UAE, the Emirates Development Bank has helped us find financial solutions and enhance our presence in the local market through direct personal develop relationships with our team, and UNIMED is proud to have its products made in the UAE and exported to other markets in the region and the world.