The Emirates Development Bank (EDB) is an Emeriti state-owned

financial Finance refers to monetary resources and to the study and Academic discipline, discipline of money, currency, assets and Liability (financial accounting), liabilities. As a subject of study, is a field of Business administration, Business Admin ...

institution established in 2015 in the

United Arab Emirates The United Arab Emirates (UAE), or simply the Emirates, is a country in West Asia, in the Middle East, at the eastern end of the Arabian Peninsula. It is a Federal monarchy, federal elective monarchy made up of Emirates of the United Arab E ...

under the

patronage Patronage is the support, encouragement, privilege, or financial aid that an organization or individual bestows on another. In the history of art, art patronage refers to the support that princes, popes, and other wealthy and influential people ...

Sheikh Mansour bin Zayed Al Nahyan Sheikh Mansour bin Zayed bin Sultan Al Nahyan (; born 20 November 1970), often referred to as Sheikh Mansour, is an Emirati royal and politician who is the current vice president and deputy prime minister of the United Arab Emirates, as well a ...

, Deputy PM and Minister of Presidential Affairs of UAE. It is one of the largest banking groups in the Middle East in terms of assets. The bank supports the country's

economic An economy is an area of the Production (economics), production, Distribution (economics), distribution and trade, as well as Consumption (economics), consumption of Goods (economics), goods and Service (economics), services. In general, it is ...

development Development or developing may refer to: Arts *Development (music), the process by which thematic material is reshaped * Photographic development *Filmmaking, development phase, including finance and budgeting * Development hell, when a proje ...

and industrial development by providing financial assistance and resources to large corporates, SMEs (

small and medium-sized enterprises Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by many national agencies and international organiza ...

), and startups in the UAE.

History

The bank is headquartered in

Abu Dhabi Abu Dhabi is the capital city of the United Arab Emirates. The city is the seat of the Abu Dhabi Central Capital District, the capital city of the Emirate of Abu Dhabi, and the UAE's List of cities in the United Arab Emirates, second-most popu ...

, with branches in

Dubai Dubai (Help:IPA/English, /duːˈbaɪ/ Help:Pronunciation respelling key, ''doo-BYE''; Modern Standard Arabic, Modern Standard Arabic: ; Emirati Arabic, Emirati Arabic: , Romanization of Arabic, romanized: Help:IPA/English, /diˈbej/) is the Lis ...

. In April 2021, the UAE government launched a new initiative to support the diversification of the nation's economy.

Activities

The primary service of the Emirates development bank is to provide financing services to startups, SMEs, and large corporates in the

UAE The United Arab Emirates (UAE), or simply the Emirates, is a country in West Asia, in the Middle East, at the eastern end of the Arabian Peninsula. It is a federal elective monarchy made up of seven emirates, with Abu Dhabi serving as i ...

that operate within the manufacturing,

healthcare Health care, or healthcare, is the improvement or maintenance of health via the preventive healthcare, prevention, diagnosis, therapy, treatment, wikt:amelioration, amelioration or cure of disease, illness, injury, and other disability, physic ...

, food security, advanced technology, and renewables sector.

UAE’s industrial strategy

The UAE's Ministry of Industry and Advanced Technology launched its industrial strategy in 2021. The 10-year comprehensive roadmap focuses on increasing the industrial sector's contribution to the country's gross domestic product from Dh133 billion in 2021 to Dh300bn in 2031.

References

{{Reflist Banks of the United Arab Emirates