The UAE is a pioneering, tolerant and forward-thinking nation that has grown into a regional hub for innovation, marked by economic resilience and a favourable business environment. As the UAE’s development bank and a key financial engine for the nation’s economic development and industrial advancement, Emirates Development Bank (EDB) has made it its mission to foster a healthy, sustainable, and self-reliant economy through the provision of financing solutions to SMEs and corporates domiciled in the UAE and engaged in any of EDB’s five strategic priority sectors. These sectors include advanced technology, food security, healthcare, infrastructure, and manufacturing. Ahmed Mohamed Al Naqbi, CEO of EDB, said: “At EDB, we aim to fill the critical lending gaps faced by the entrepreneurs and businesses who are supporting the UAE’s economic diversification.”
EDB recently announced its partnership with Beehive, adding a new lending feature that allows SMEs to apply for loans of up to Dh5 million directly through its Digital Bank App and receive approval or feedback within five days. The lending service will be available for UAE-based SMEs operating in one of EDB’s five priority sectors and is available on various tenors of up to 60 months. Moreover, it can be availed through EDB’s Digital Banking App, powered by leading UAE-based fintech YAP and enabling SMEs and startups to kick-start their businesses, by providing a business bank account and an IBAN number within 48 hours and then offering a comprehensive range of fast, secure, and round-the-clock banking services.
In H1 2022, EDB has approved Dh2.4 billion in financing to empower the UAE industrial sector.
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