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UAE Issues Federal Law No. 7 for Establishing Emirates Development Bank

October 19, 2011 1:45 by p.deleon

HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, announced the issuance of Federal Law No.7 regarding the establishment of the Emirates Development Bank (EDB). This move falls in line with the vision of the UAE government to support the nation’s economic development and to guarantee coverage of all its short and long-term development requirements.

HE Al Tayer indicated that the bank will aid in promoting a diversified economy that is built on innovation, provides citizens with suitable housing, and allows for the establishment of development projects to maintain the high living standards enjoyed by UAE citizens. The bank will also provide a range of financing and savings solutions to aid citizens in owning houses through reasonable monetary schemes.

HE Al Tayer added that the new law was established to support the UAE’s various development initiatives, including industrial and real estate projects, and to facilitate real estate credit applications for building, maintaining, and renovating personal residential properties. It will also offer financing services for agricultural and craftsmanship activities, residential and building projects on behalf of the UAE government, infrastructure projects, small and medium enterprises, and projects pertaining to organizations that provide public benefit. The bank will also offer financial and economic consultation and feasibility studies.

Furthermore, HE Al Tayer stated that the bank, possessing a capital of AED 10 billion, will act as a main pillar for the UAE’s economy, especially with issues pertaining to citizens. It also supports the government’s strategy which emphasizes the effective management of the country’s resources and on providing high quality services to meet citizen’s needs.