Business | Banking

UAE Cabinet approves setting up Emirates Development Bank

The Cabinet approved establishing Emirates Development Bank with a capital of Dh10 billion.

  • WAM
  • Published: 18:53 June 24, 2009
  • Gulf News

  • Image Credit: WAM
  • Vice-President and Prime Minister of the UAE and Rulerof Dubai, His Highness Shaikh Mohammad Bin RashidAl Maktoum, yesterday chaired a Cabinet meeting in thepresence of Deputy Prime Minister and Minister of Interior Lt Gen Shaikh Saif Bin Zayed Al Nahyan and Deputy Prime Minister and Minister of Presidential Affairs Shaikh Mansour Bin Zayed Al Nahyan. The cabinet approved a federal draft bill for the establishment of the Emirates Development Bank.

Abu Dhabi: The Cabinet approved establishing Emirates Development Bank with a capital of Dh10 billion.

The decision was made at a Cabinet meeting on Wednesday, presided by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, at the Presidential Palace.

The meeting was also attended by Lieutenant General Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, and Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

During the meeting, it was decided that Dh5 billion of the capital will be paid completely by the UAE Government.

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