EDB board updates strategy to increase bank's contribution to UAE's economy

The lender aims to become a 'key enabler and centre of excellence for SMEs and industry'

Dr Sultan Al Jaber on Sunday chaired the first meeting of the new board of the Emirates Development Bank’s. Courtesy: Adnoc

The Emirates Development Bank’s (EDB) newly appointed board on Sunday held its first meeting and is refreshing its strategy with an aim of enhancing the bank’s contribution to the UAE’s industrial growth and economic diversification plans.

The meeting, led by EDB chairman and UAE Minister of Industry and Advanced Technology Dr Sultan Ahmed Al Jaber, emphasised the bank’s overall role in stimulating in-country value, supporting small and medium-sized enterprises and becoming a driver for innovation, development and entrepreneurship, the EDB said in a statement.

“The EDB strategy should address the needs of the post Covid-19 economy by ensuring that it is playing a critical role in supporting the national economic agenda,” Dr Al Jaber said.

Through its refreshed strategy, the EDB needs to become a “key enabler and centre of excellence for SMEs and Industry, as well as 4IR (the Fourth Industrial Revolution) integration", he added.

The lender also plans to become “a funder of choice for development initiatives”, he said.

Dr Al Jaber was appointed chairman of the EDB by the UAE Cabinet earlier this month after it restructured the lender's board. In June, Fitch Ratings affirmed EDB’s Long-Term Issuer Default Rating 'AA-' with a stable outlook.

The EDB board on Sunday also discussed the importance of ensuring institutional governance and the setting up of frameworks for effective engagement and cooperation with relevant government and private sector entities.

The board also elected Dr. Ahmed bin Abdullah Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises, as deputy chairman of the bank, according to the statement.