Emirates Development Bank, the state-owned lender focused on financing companies in key industrial sectors, is teaming up with the Abu Dhabi Global Market to support companies looking to set up operations within the international financial centre, and help them expand.
As part of the partnership, EDB will simplify the process of opening bank accounts for ADGM-licensed entities, including small and medium enterprises and corporates, through its digital solutions.
The lender will also explore financing requirements for ADGM entities and large multinational corporations on the basis of “due diligence and feasibility studies performed”, it said on Wednesday
“As a well-established financial centre, ADGM is home to companies of all sizes in the region, attracting both foreign and local investors,” said EDB chief executive Ahmed Al Naqbi.
“We look forward to providing financing solutions, our tailored digital banking platform and our mentoring and educational services to support the sustainable development of businesses of strategic importance to the UAE within ADGM.”
EDB, founded in 2011 after a merger between Emirates Industrial Bank and Real Estate Bank, plays a key role in supporting the national economic development agenda and is at the forefront of the government’s efforts to develop its non-oil economic and industrial base.
The lender provides direct and indirect financing to start-ups, SMEs and large corporates.
It sponsors industrial projects across five priority sectors — manufacturing, infrastructure, advanced technology, food security and health care.
It has set aside Dh30 billion ($8.16 billion) for direct and indirect lending to more than 13,500 companies in priority sectors by 2025.
EDB also introduced a digital lending feature in partnership with peer-to-peer (P2P) lending platform Beehive that allows SMEs to apply for loans of up to Dh5 million (directly through its business banking app) and receive approval or feedback within five days.
The lending service is available for UAE-based SMEs in EDB’s five priority sectors, the bank said.
“This agreement is an extension of our ongoing co-operation and commitment to develop, foster and expand Abu Dhabi and the UAE’s financial landscape,” said Dhaher Al Mheiri, chief executive of the ADGM Registration Authority.
There are more than 5,400 companies registered and licensed at the ADGM and the number will grow, Mr Al Mheiri told The National during Abu Dhabi Finance Week in November.
In the first six months of last year, more than 1,000 companies set up operations within the ADGM.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
The past winners
2009 - Sebastian Vettel (Red Bull)
2010 - Sebastian Vettel (Red Bull)
2011 - Lewis Hamilton (McLaren)
2012 - Kimi Raikkonen (Lotus)
2013 - Sebastian Vettel (Red Bull)
2014 - Lewis Hamilton (Mercedes)
2015 - Nico Rosberg (Mercedes)
2016 - Lewis Hamilton (Mercedes)
2017 - Valtteri Bottas (Mercedes)
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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