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FINANCIAL NEWS
UAE to establish Emirates Development Bank
20 Oct 2011
(MENAFN) UAE’s Minister of State for Financial Affairs, Obaid Humaid Al Tayer, said that in order to boost economic growth, provide citizens with access to housing and create opportunities to establish development projects, the government would set up the Emirates Development Bank (EDB), reported Gulf News.
Al Tayer added that the EDB would have a USD2.7 billion capital; moreover, it would provide a number of financing and savings solutions in order to help citizens buy houses through practical monetary programs.
He also said that the bank would also offer financing services for agricultural activities, residential and building projects on behalf of the government.
It is worth noting that EDB, which is established under Federal Law No. 7, will also provide residents with financial and economic consultation in addition to feasibility studies.
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05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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