ABU DHABI. As part of its plan to modernise work mechanisms in the federal government, the UAE Cabinet has restructured the Board of Directors of the Emirates Development Bank, EDB.

The eight-member board will be chaired by Obaid Bin Humaid Al Tayer, Minister of State for Financial Affairs, and will serve a three-year term.

The EDB was established to contribute to the economic and social development of the UAE as a key partner in providing financial services for development.

The bank specialises in facilitating real estate credit allocated for the construction, maintenance and development of buildings prepared for private housing, financing projects and agricultural crafts and activities, financing housing and urban projects on behalf of the government as well as providing support to Emirati entrepreneurs to finance their projects.