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• EDB has an authorized capital of AED10 billion and the source of AED5 billion to help in financing developmental, residential and industrial projects for UAE citizens
• EDB aims to provide affordable housing financeto 30,000 UAE citizens between 2015-2021
Abu Dhabi - Following the opening ceremony graced by H.H. Sheikh Mansour Bin Zayed Al Nahyan, the Deputy Prime Minister and Minister of Presidential Affairs of the UAE, Emirates Development Bank ("EDB") has officially launched its operations in the UAE.
The opening ceremony, which was held yesterday (June 16) at the bank's headquarter in Abu Dhabi, was attended by H.E. Obaid Humaid Al Tayer, Minister of State for Financial Affairs, H.E. Sultan Bin Saeed Al Mansoori, Minister of Economy, H.E. Abdullah Belhaif Al Nuaimi, Minister of Public Works, H.E. Ahmed Mohamed Al Humairi, Secretary General of the Ministry of Presidential Affairs, and Mubarak Rashid Al Mansouri, Central Bank Governor, in addition to senior government officials, senior EDB executives and the bank's employees.
Following the event, H.H. Sheikh Mansour Bin Zayed said that the establishment of Emirates Development Bank is a result of the wise vision and direction of the UAE leadership headed by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, as well as decisions taken by the cabinet of the UAE, headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, in terms of the government's strategy that led to the merger of Emirates Industrial Bank and Real Estate Bank into one entity.
H.H. Sheikh Mansour Bin Zayed said he is glad that the bank has started its operations, and believes that it is a key addition to the banking sector in the UAE that will boost overall growth of the economy and provide Emirati people with services that help them achieve key milestones in their lives,such as owning their own homes, in addition to supporting Emirati entrepreneurs and the SME sector. His Highness also said he firmly believes in the capabilities of EDB's management and their ability to fulfil their responsibility towards the UAE and meet the needs of Emirati citizens with full transparency.
The bank will provide accessible banking services to local Emirati people in its drive to support the housing sector in the UAE. This ambition is in-line with the vision of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, to improvethe quality of living for UAE citizens. In addition, EDB willsupportthe UAE's growing businesses, the development of the local infrastructure and financing key strategic sectors in the UAE's thriving economy.
His Excellency Khaled Mohammed Salem Balama, Chairman of Emirates Development Bank, commented:
"Emirates Development Bank will play a vital role in furthering the economic growth of the UAE and improving the opportunities and life choices for its citizens. EDB is proud to be entrusted with such a laudable and important task. The expertise of our leadership and talent of our employees will ensure that we can deliver on this. We thank His Highness Sheikh Mansour for gracing us with his presence at yesterday's launch event."
"EDB has the ability to help shape our nation's future, empowering Emiratis who aspire to take possession of their own home while also supporting key areas of the economy, particularly the innovative and entrepreneurial Small and Medium Enterprise (SME) sector. We are eternally grateful for the forward-looking vision and wisdom of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of UAE, who has enabled the establishment of EDB and who continues to inspire our nation's growth and economic development."
Established in 2011under a decree issued by the President of the UAE, HH Sheikh Khalifa bin Zayed Al Nahyan,EDB's vision is to help build a national economy characterized by diversity that is based on innovation and allows citizens' access to suitable accommodation by providing finance at affordable economic cost. The bank also provides support, finance and innovative banking solutions to achieve sustainable development of small and medium sized companies - the engine room of the UAE economy.
EDB has an authorized capital of AED10 billion and the source of AED5 billion to help in financing developmental, residential and industrial projects for citizens. The bank will also allocate AED 500 million towards a credit guarantee scheme with other banks to be available for Emirati SMEs and the owners of small businesses, in addition to AED300 million for SMEs.
EDB will offer a number of products to UAE citizens including supplementary loans, home purchase and construction loans. Products for local businesses will include an SME business loan, credit guarantee scheme, business account and strategic sector finance for qualifying clients. Details of the products are available on the EDB website: www.edb.ae
Rashid Mahboob, Acting CEO of Emirates Development Bank, added:
"The success of launching EDB's operations will provide impetus to EDB as we commence our journey, driving development in our nation, our economy and our community. We are proud to be pioneering positive change in the UAE, partnering with the government to ensure the long-term success of our great nation."
"The strength of our team will allow us to support the economic development agenda of UAE while remaining an independent and financially sustainable bank. We are excited about our future prospects both supporting aspirational Emiratis and making a real positive difference in the economy."
Housing is a strategically important focus area for EDB, and helping Emiratis to own their first home, either directly or in partnership with government housing programmes, is a key objective for the bank. EDB will provide affordable housing finance, high-quality, affordable homes, to around 30,000 UAE citizens between 2015-2021.
In addition, EDB is facilitating the shift towards a modern diversified and knowledge-based economy by providing a complete range of specialist SME products. EDB is alsobuilding strategic partnerships with local and federal authorities to encourage citizens to start businesses; one example being the support of Emirati innovators through the Takamulprogramme. Through this approach, the bank aims to create a diversified economy which is sustainable and can deliver long-term prosperity for the UAE.
EDB will also partner with the Government on strategic development projects, many of which are expected to have national importance for the future of the UAE. Healthcare, manufacturing, ICT and construction are all key areas of the UAE economy in which EDB can contribute by providing integral financing.
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For more information please contact:
Tameem Alkintar/Tom Drummond
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-4507600
Email: Tameem.Alkintar@bm.com/Tom.Drummond@bm.com
© Press Release 2015
