Emirates Development Bank Wins International Finance Award for ‘Best Industrial Financing Bank’ in 2024

Dubai, United Arab Emirates 8 May 2024: Emirates Development Bank ("EDB" or "the Bank") has once again showcased its pivotal role as the key financial engine of the UAE’s economic growth and industrial transformation agenda by winning the prestigious ‘Best Industrial Financing Bank’ award at the 2024 International Finance Awards. This remarkable achievement underscores EDB’s commitment to supporting and empowering the implementation of the UAE’s industrial development strategy.

The award from International Finance is a testament to EDB’s continued dedication to advancing the industrial sector and consolidating the UAE’s position as a key industrial hub for local and global businesses looking to expand their operations.

His Excellency Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, said: “We are delighted to receive this famed accolade from International Finance which recognizes EDB’s efforts and innovative solutions to financing national industries that propel future growth. As a key enabler of the UAE’s industrial strategy, Operation 300bn, we focus on driving in-country value across priority sectors and support businesses to adopt advanced technologies to boost the national manufacturing capabilities.

“By continually innovating and specializing our financial solutions as well as through ongoing collaboration with our strategic partners, we aim to increase the industrial sector’s contribution to the national GDP. In Q1 this year, EDB’s total financing reached AED 10.4 billion since the inception of our strategy in April 2021, bringing our contribution to the UAE’s industrial GDP impact to AED4.9 billion.” 

EDB’s five-year strategy, launched in April 2021, has resulted in robust economic contributions and growth. By end of March 2024, the Bank contributed to the creation of 18,606 industrial jobs and increased financing for the manufacturing sector to reach 46% of the Bank’s cumulative financing since the launch of its strategy.

EDB drives long-term development across five priority sectors – manufacturing, advanced technology, food security, healthcare, and renewables – through a robust AED30 billion in financing to support 13,500 companies by 2026. Through a patient debt approach and long-term financing solutions, the Bank support businesses to grow while over their growth trajectory and cements its commitment to driving a diversified and resilient economy.

International Finance, a premium business and finance magazine under UK's International Finance Publications Limited, started its International Finance Awards in 2013 with the aim of recognizing industry talents, leadership skills, industry net worth and capabilities on an international platform.