The Emirates Development Bank won the “Best Bank for Small and Medium Enterprises in the Middle East and North Africa” award as part of the MEED Magazine Awards for Banking Excellence.
Since the launch of its five-year strategy in April 2021, it has approved 2.12 billion dirhams to finance small and medium-sized companies, and provided 813 million dirhams for these companies as part of its financing guarantee program in cooperation with partner commercial banks with the aim of improving access to financing for small and medium-sized companies.
The bank aims to provide financing worth 30 billion dirhams to support large, medium and small companies in the UAE operating in 5 priority sectors, which are renewable energy, industry, advanced technology, health care and food security by 2026.
The award honors the most distinguished banks in providing innovative and effective financing solutions for small and medium enterprises in the Middle East and North Africa region. The winning banks are selected after careful evaluation of several criteria.
Ahmed Al Naqbi, CEO of the Emirates Development Bank, said: “Winning the award is the culmination of the bank’s tireless efforts in this field, as we seek to support the growth of companies in the UAE, which contributes to their growth and development.”
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