News DeskAbu Dhabi, UAE – Emirates Development Bank (EDB) has been awarded an upgraded long-term issuer credit rating by S&P Global, moving from AA- to AA. This upgrade, which comes with a stable outlook, makes EDB the highest-rated financial institution in the UAE and across the MENA region.
The upgrade by S&P Global underscores EDB’s strengthened strategic mandate, focused on fostering economic development and industrial growth in the UAE. The Bank’s remarkable achievements since the launch of its renewed strategy three years ago have been pivotal in this recognition. S&P Global highlighted EDB’s robust financial risk profile, the strong economic conditions in the UAE, and the Bank’s strategic emphasis on financing SMEs and corporations within key sectors crucial to the UAE’s economic transformation.
Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of EDB, expressed his satisfaction with the upgraded rating. He stated, “The upgraded rating for EDB marks a historic moment for the UAE’s banking industry and is a testament to the rapid strides the UAE has made in strengthening its global competitiveness. Through the support and guidance of the UAE’s leadership, EDB is successfully delivering its mandate, ensuring it maintains its position as a catalyst for economic growth and a key financial enabler of the UAE’s Industrial Development Strategy.”
Dr. Al Jaber further emphasized that the stable outlook from S&P Global demonstrates continued confidence in EDB’s strategic approach to development financing, reinforcing its pivotal role in redefining the national industrial landscape and significantly contributing to the diversification and resilience of the UAE’s economy.
Ahmed Mohamed Al Naqbi, CEO of EDB, highlighted the Bank’s focus on impactful economic contributions across key development sectors. “Our focus on prioritisings economic impact across key development sectors and raising our contribution to the nation’s industrial GDP are setting EDB up for long-lasting success and rapid lending growth. This AA credit rating by S&P Global is a testament to the Bank’s successful delivery of its mandate and patient debt approach to financing projects,” he said.
Al Naqbi also pointed out that the upgraded credit rating reinforces EDB’s role as a provider of innovative financing solutions, instilling trust and confidence among clients to grow their businesses while fostering economic growth. “With the upgraded credit rating, we are emphasizing EDB’s successful track record to become the reference development bank in the region. This contributes to the expansion of national industrial capabilities across the emirates in line with the UAE’s sustainable development vision,” he added.
Since April 2021, EDB’s strategy has focused on financing five priority sectors crucial to the UAE’s national development agenda: manufacturing, advanced technology, food security, healthcare, and renewables. This strategic focus has led to a significant increase in the Bank’s total financing, which has reached an unprecedented AED 11.3 billion since the strategy’s launch.
