Abu Dhabi: The Emirates Development Bank (EDB) officially launched its operations in the UAE on Tuesday. The ceremony marking the launch was held under the patronage of Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
Shaikh Mansour said the bank is a qualitative addition to the banking sector of the UAE, which is striving to drive forward comprehensive development in the UAE, offer services to Emiratis that allows them to complete their projects and own private homes, as well as supporting the SME (small and medium enterprises) sector and entrepreneurship.
Shaikh Mansour said that he was confident that the bank’s management will be able to shoulder this national responsibility and transparently dealing with the needs and requirements of citizens.
EDB was founded under a decree issued by President His Highness Shaikh Khalifa Bin Zayed Al Nahyan by Federal Law No. 7 of 2011 with an authorised capital of Dh10 billion and the source of Dh5 billion to help in financing developmental, residential and industrial projects for citizens.
Also present at the ceremony were Sultan Bin Saeed Al Mansouri, Minister of Economy, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, Mubarak Rashid Al Mansouri, Governor of UAE Central Bank, and other officials.
