ABU DHABI, (Pakistan Point News - 17th Jul, 2023) Emirates Development Bank (EDB), the key financial engine of UAE economic development and industrial advancement, has won the “Best Regional Development Bank” award by International Finance, a premium business and finance magazine under UK's International Finance Publications Limited.
International Finance Awards feature 11 award categories recognising industry talent, leadership skills, industry net worth and capability on an international platform. After careful consideration of nominations by a qualified research team, winners are declared on the strength of their application and past accomplishments. The Best Regional Development Bank title comes under the International Finance Banking Awards which highlight the accomplishments of banks leading in innovation, economic development and customer service excellence.
EDB's win underscores the success of its ambitious strategy which aims at empowering businesses of all sizes through flexible and innovative financing solutions. EDB backs businesses and projects that boost local production capabilities and support sustainable national industries, driving socio-economic impact in line with the UAE's national development plans. Under its strategy, the Bank will approve AED30 billion in financing support to 13,500 companies within five priority sectors - renewables, manufacturing, technology, healthcare, and food security - by 2026.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Chairman of Emirates Development Bank, said, “Emirates Development Bank aims to contribute to the UAE's sustainable development efforts in line with vision and guidance of the country's wise leadership. Being recognised as the Best Regional Development Bank by a prestigious organisation such as International Finance is a true reflection of EDB's commitment to playing a key role in driving economic growth and impact in the UAE through innovative financing solutions. It demonstrates EDB's role as a key financial engine for economic diversification and making major advancement in the national industrial sector. The Bank's financing of sectors of strategic priority to national development plans, will contribute to cementing the UAE's position as a regional market for industrial growth and a global centre for trade and investment.”
Ahmed Mohamed Al Naqbi, Chief Executive Officer at Emirates Development Bank, commented, “Following our outstanding performance in 2022, this recognition reinforces our role as the key financial engine for national economic and industrial development, cementing the UAE's leading position and competitiveness regionally and globally. Our strategy and accomplishments are backed by core values that differentiate EDB from commercial banks. We drive economic impact over profit and continue to empower businesses to achieve their growth aspirations while delivering economic value."
