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Emirates Development Bank, National Bank of Fujairah sign MoU on credit guarantee, co-lending for SMEs in the UAE

The Emirates Development Bank [EDB], a key financial enabler of the country’s economic diversification and industrial transformation agenda, today announced the signing of a Memoradum of Understanding with National Bank of Fujairah [NBF] to offer credit guarantee and co-lending for Small and Medium-sized Enterprises [SMEs] in the UAE.

The MoU with NBF is part of EDB’s commitment to boost the SME ecosystem in the UAE and increase its contribution to the country’s GDP. The EDB-NBF MoU focuses on offering strategic financing solutions to SMEs, one of the economic pillars of the UAE.

Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, signed the MoU with Vince Cook, Chief Executive Officer of NBF.

As part of the MoU, EDB will provide credit guarantee or co-lending program to the NBF SME customers. Within the scope of the MoU, NBF will offer up to AED 10 million financing to a SME, and 50% of the facility amount will be either guaranteed or co-lent by EDB. The program also aims to support UAE citizens in the startup journey by offering financing facilities of up to AED 1 million, wherein 60% is guaranteed or co-lent by EDB.

The credit guarantee and co-lending program provides a robust platform for EDB and NBF to increase their financial lending for the SME segment, with focus on the priority industrial sectors — namely manufacturing, healthcare, infrastructure, food security and technology.

Speaking of the MoU, Ahmed Mohamed Al Naqbi, said: “As part of Emirates Development Bank’s endeavour to play a pivotal role in the country’s economic diversification plans, and bridging the funding gap for SMEs operating in key sectors across the country, we are pleased to sign the MoU with the National Bank of Fujairah. Through our combined and concerted efforts, we look forward to facilitate easier access to financial sources, strengthening the SME ecosystem and supporting the UAE’s goals to build a robust knowledge-based economy, and thus contribute to a sustainable economic development in the country.”

In his comments, Vince Cook, NBF’s CEO, said: “SMEs are the backbone of the local economy in the UAE, and since its inception, NBF has positioned itself as the financial partner for these businesses. The partnership with Emirates Development Bank reflects our long-term commitment to the UAE’s vibrant SME ecosystem and we are delighted to be working together to extend the financing available to our customers and to support the government’s growth aspirations for this sector.”

The MoU is aligned with EDB’s recently-unveiled strategy, offering direct and indirect lending for SMEs (Supply Chain, Project and Long-term Finance), an investment arm for startups and SMEs (accelerator, equity finance, business growth fund) as well as business advisory services for entrepreneurs, startups and small companies (coaching, consulting, mentoring, market research).


About National Bank of Fujairah PJSC

Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options and Shari’a compliant services. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.

NBF’s key shareholders include the Government of Fujairah, Easa Saleh Al Gurg LLC, and Investment Corporation of Dubai. Rated Baa1 / Prime-2 for deposits and A3 for counterparty risk assessment by Moody’s with a negative outlook; and BBB / A-2 by Standard & Poor’s with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol “NBF”. It has a branch network of 15 (of which 1 is an electronic banking service unit) across the UAE.

About Emirates Development Bank

Emirates Development Bank [EDB], headquartered in Abu Dhabi, was established under Federal Law by Decree No. 07 of 2011 issued by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE. It became operational in June 2015. The Bank unveiled its new strategy in 2021 reinforcing its identity as one of the key drivers of the UAE’s economic recovery. EDB offers financial and non-financial support to SMEs, startups and large corporates operating in strategic priority sectors in the UAE, as a step to boost their contribution to the country’s non-oil GDP. The Bank also provides home finance support to the UAE Nationals. EDB operates two branches in Abu Dhabi and Dubai. For more details, visit

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