Emirates Development Bank's 'AA-' Credit Rating Affirmed by Fitch with Stable Outlook

UAE, 04 April, 2024 : Fitch Ratings has affirmed Emirates Development Bank’s (EDB) credit rating at “AA-”, citing its pivotal role in the UAE's national agenda. The rating, with a stable outlook, reflects confidence in EDB's financial stability and its focus on economic development over profitability.

Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, emphasized the rating affirmation as a testament to EDB's solid financial position to support the UAE's diversification agenda. He highlighted the bank's commitment to financing transactions within priority sectors aligned with the government’s visions.

Since unveiling its five-year strategy in April 2021, EDB has aimed to become a key financial engine for the UAE's industrial and economic diversification. With a focus on sectors like manufacturing, advanced technology, healthcare, renewables, and food security, EDB has allocated AED 30 billion to support over 13,500 companies by 2026.

Under this strategy, EDB's contribution to the nation’s industrial GDP has grown significantly, reaching AED 4.3 billion by the end of 2023. The bank's annual results underscore its substantial impact on priority economic sectors, reflecting its pivotal role in the UAE's vision for industrial diversification and sustainable growth.

Moreover, EDB has developed its Proprietary Developmental Impact Scorecard to assess companies or projects’ eligibility for finance, considering qualitative and quantitative economic impacts such as GDP growth, job creation, technology adoption, and greenfield or brownfield development.

Source : www.wam.ae