Emirates Development Bank is one of the “key financial engines of the UAE’s industrial transformation and economic diversification agenda”, and has contributed significantly to the country's economy, its chairman has said.
EDB’s objective is “to maximise our impact on the UAE economy”, and aims to do so by raising its contribution to gross domestic product to more than Dh10 billion ($2.7bn) by developing value chains focusing on the industrial sector, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and chairman of EDB, told state news agency Wam in an interview on the sidelines of the Make it in the Emirates forum.
The bank has contributed to a nine-fold climb in industrial capital deployed to reach Dh1bn in the first quarter of 2022, from Dh108 million in 2019. It has also supported a five-fold increase in loans approved for small and medium enterprises and a nine-fold surge in loans for large corporates during the same period.
Overall, the UAE has made a quantum leap in its industrial development and enhanced its strategic industrial position, Dr Al Jaber said.
The country is moving towards achieving its industrial goals with a set of competitive advantages, and has positioned itself as an attractive global platform and a pioneer in the manufacturing sector, he added.
Here is the interview in full:
It has been one year since Emirates Development Bank launched its new strategy. Could you elaborate on its major pillars?
The new strategy was launched by our wise leadership in April 2021 to turn EDB into one of the key financial engines of the UAE’s industrial transformation and economic diversification agenda.
This strategy is based on the pillars identified by President Sheikh Mohamed bin Zayed during the launch of the strategy last year, in which EDB was mandated to support and empower the national industrial sector, facilitate the adoption of advanced technology, empower the growth of SMEs and encourage start-ups and innovation — all of which are in line with national development priorities and initiatives.
Moreover, Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said that the EDB strategy will accelerate vital priority sectors, such as manufacturing, advanced technology, infrastructure, health care and food security by supporting the thousands of companies who operate within them, providing a key impetus to the national economy far into the future.
EDB undertakes this role through a range of financial and non-financial products that aim to enhance the bankability of companies and increase their access to the financial resources required to launch, expand or improve their business.
The bank deploys a range of tools and criteria that allows us to measure the developmental impact of these financial offerings, ensuring we deliver the maximum benefit to the national economy.
EDB is executing this strategy across three main tracks, the first of which is direct financing to SMEs and large corporates sponsoring industrial projects. The bank has set a target to deploy Dh25bn of support to 13,500 companies within the five priority sectors.
The second track is indirect financing through our Credit Guarantee Programme, which supports SMEs by guaranteeing loans from our partnership network of nine commercial banks. This programme has mobilised more than Dh332m of capital to SMEs in the past year.
The third track is non-financial solutions, including training, consultancy and market studies, which are hugely important in a rapidly evolving economic landscape.
We also offer digital solutions such as EDB’s new banking app, which enables SMEs and start-ups to kick-start their business 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 the context of the “Make it in the Emirates” forum, EDB has a massive role to play in empowering local manufacturing. The forum presented industrial companies, manufacturers and investors with a unique opportunity and access to some of the product procurements plans of 12 of the UAE’s leading companies who have identified over 300 products across 11 sectors at total purchase value of Dh110bn. EDB is key to ensuring that financing requirements are met.
One year into the strategy, what has EDB achieved so far against set targets?
EDB’s objective is clear: to maximise our impact on the UAE economy. We have set a target to raise the bank’s contribution to GDP to more than Dh10bn through developing value chains in the national economy, focusing on the industrial sector.
In a year of transformation for EDB, we have been able to record a significant number of achievements.
Through our direct financing and credit guarantees, EDB has seen a 19-fold increase in industrial GDP impact, from Dh59m in 2019 to Dh1.11bn in the first quarter of 2022.
There was also a nine-fold climb in industrial capital deployed, from Dh108m in 2019 to Dh1bn in the first quarter of 2022. This was accompanied by a five-fold increase in SME loans approved, from Dh79m in 2019 to Dh407m in the first quarter of this year. Also, we registered a nine-fold increase in large corporate loans from Dh29m in 2019 to Dh268m in the first quarter.
As a key partner in the Ministry’s efforts to advance the industrial sector and increase its contribution to the UAE’s GDP, EDB used the Make it in the Emirates forum to underline how its range of financing solutions can help large corporates and SMEs to expand, diversify and improve operational efficiency.
Our participation at the Make it in the Emirates Forum provided an opportunity to not only showcase our products and services, but also demonstrate our readiness to work in partnership with investors, commercial banks, freezones and other industrial enablers in order to mobilise the capital needed to accelerate the UAE’s industrial ambitions.
EDB’s renewed strategy, which is aligned with the UAE’s national agenda, is preparing for the challenges and opportunities of the next 50 years and fulfilling an important gap in the market to ensure long-term and sustainable growth in the country.
Can you discuss the sectors supported by EDB and the financing they received in the past year?
In line with the leadership’s directives, EDB works under the umbrella of the comprehensive vision for the national economy that seeks to position the UAE as a global hub for industry, advanced technology and the industries of future, as well as a magnet for global talents and capabilities, and guarantee our industrial, food and technological security.
Based on this, EDB is focused on supporting sectors that diversify the economy towards non-oil GDP and develop sectors that are a national priority for economic self-reliance and those that offer stable and sustainable growth for the future.
EDB identified five key sectors that play a vital role in strengthening the economic resilience and competitiveness of the UAE, a list topped by manufacturing — in particular, petrochemicals, plastics, metals, machinery, electrical equipment and renewable energy equipment.
The second is health care, which includes pharmaceuticals, biotechnology, medical equipment and hospital services, followed by food security, which includes agriculture, fisheries, aquaculture and water desalination.
Advanced technology, which is a major pillar of the UAE’s economic future, is another priority, and we focus on supporting activities in 4IR technologies such as robotics and artificial intelligence.
The fifth priority sector is infrastructure, encompassing energy and utilities, waste management, transportation, broadband connectivity, digital Infrastructure and the circular economy.
EDB is driving industrial growth in each sector by offering a debt approach with flexible pricing and tailored financing solutions for customers who have investments in the UAE that facilitate high-skill job creation, capital expansion, export promotion, import substitution, technological transformation and investment in advanced technology, green energy adoption and brownfield or greenfield development.
In the year since the strategy’s launch, we have approved Dh1.52bn in loans to key sectors, including Dh750m to the industrial sector, Dh350m to the advanced technology sector and Dh400m to the healthcare sector.
How is EDB different from commercial banks?
EDB believes in the significance of partnerships and that, by combining the efforts of various financial institutions across the UAE, we can push economic development forward and ultimately deliver sustainable development for all. That is why we are a partner to the UAE’s commercial banks.
Because of its developmental nature, EDB is different from commercial banks as all of our operations are driven by our economic development mandate, with an objective to maximise economic impact for the UAE and drive GDP growth.
EDB fills a critical gap in the market by enhancing the bankability of SMEs and supporting projects that offer benefits for the wider economy but are perhaps less viable for commercial bank lending. We assess economic development impact criteria on top of the standard risk and profit calculations of commercial banks and offer eligible projects more flexible terms, including interest grace periods, longer tenors, lower financing costs and higher loan-to-value ratios.
This unique approach is based on three key pillars: development impact assessment, risk evaluation and efficient and quick deployment through our network of partners.
To assess the developmental impact, EDB uses a proprietary Developmental Impact Scorecard to evaluate a company’s or project’s eligibility for finance. This measures both the quantitative and qualitative impact, evaluating criteria such as: project nature, whether it contributes to creating a new industry sector, supports an ecosystem of SMEs, attracts foreign direct investment, contributes to local procurement, includes advanced technology, or drives in-country value and export promotion, among others.
In terms of risk evaluation, we believe in risk prudence. While we allow for more risk where the development impact potential is greater, we are still careful when assessing clients. That’s why we don’t offer financing to companies that are either overleveraged or have a negative credit history, or those seeking debt restructuring or acquisition financing.
For the third pillar, EDB can quickly and efficiently deploy financing through our network of partners in the public and private sector. Since the launch of our new strategy, we have signed 26 partnerships with key economic freezones, chambers of commerce, departments for economic development and government agencies focused on attracting direct investment to the UAE. These partnerships enable us to identify the right clients and projects and move quickly to bring their development plans to reality — and accelerate our impact on the national economy.
What message would you give to EDB’s target clients?
Our industries should be competitive and based on the highest standards of quality. They should be empowered by our existing enablers, incentives and differentiated advantages, including peace, stability and an excellent quality of life. Our industries should be export-orientated and contribute actively to our economic diversification. In fact, enabling our industrial development will have a broader positive impact on the UAE economy, and all aspects of society.
The UAE enjoys many competitive advantages, the most important of which is a wise and supportive leadership that always looks to the future with a positive outlook, provides and focuses on ensuring stability, and has given directives for a flexible and encouraging environment to achieve our goals.
We also enjoy highly skilled human resources, energy resources, raw materials, a strategic geographic location, advanced infrastructure, transparent laws, reliability and credibility, competitive financing, an ideal quality of life in a diverse, tolerant and secure society, strategic partnership agreements and co-operation and trade agreements with various countries around the world. All of this has enabled us to develop our national industry, attract investments, build partnerships and enter new markets.
I would say to all current and potential customers that EDB is a strong, trusted and reliable partner for any business, whether local or international, that is looking to set up or expand their business in the UAE. We are confident that our new mission will play a pivotal role in driving the national economy to reach even greater heights and consolidate its pioneering position.
In order to help realise the strategic goals of the UAE’s economy, we are focused on ensuring your ease of doing business and to support every stage of your company’s growth journey. We call all project owners to communicate with the bank and discuss the ways in which we can help you achieve your objectives.
Kat Wightman's tips on how to create zones in large spaces
- Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
- Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
- Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
- Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
- Use a considered collection of prints and artworks that work together to form a cohesive journey.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
if you go
The flights
Fly direct to Kutaisi with Flydubai from Dh925 return, including taxes. The flight takes 3.5 hours. From there, Svaneti is a four-hour drive. The driving time from Tbilisi is eight hours.
The trip
The cost of the Svaneti trip is US$2,000 (Dh7,345) for 10 days, including food, guiding, accommodation and transfers from and to Tbilisi or Kutaisi. This summer the TCT is also offering a 5-day hike in Armenia for $1,200 (Dh4,407) per person. For further information, visit www.transcaucasiantrail.org/en/hike/
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KILLING OF QASSEM SULEIMANI
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
More from Aya Iskandarani
The finalists
Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho
Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)
Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola
The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
On sale: now
Price: Dh149,000
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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COMPANY PROFILE
Name: N2 Technology
Founded: 2018
Based: Dubai, UAE
Sector: Startups
Size: 14
Funding: $1.7m from HNIs
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A list of the animal rescue organisations in the UAE
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
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The%20Afghan%20connection
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The specs
Engine: 2.9-litre, V6 twin-turbo
Transmission: seven-speed PDK dual clutch automatic
Power: 375bhp
Torque: 520Nm
Price: Dh332,800
On sale: now
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
The biog
Name: Capt Shadia Khasif
Position: Head of the Criminal Registration Department at Hatta police
Family: Five sons and three daughters
The first female investigator in Hatta.
Role Model: Father
She believes that there is a solution to every problem
Rocketman
Director: Dexter Fletcher
Starring: Taron Egerton, Richard Madden, Jamie Bell
Rating: 3 out of 5 stars
'Gehraiyaan'
Director:Shakun Batra
Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa
Rating: 4/5
CREW
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The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
Kandahar%20
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