Approved budget estimates for 2016

The Board of Directors of the Bank discusses Nationalization Plan for the years 2016-2018 and stresses the importance of attracting national talents

Council briefed on operational management procedures on the implementation of resolutions and recommendations

The Council underlines the role of the Bank in providing essential support for aspiring citizens to find suitable opportunities to finance their projects or to find adequate housing for themselves and their families at reasonable cost, and contributes to stimulating development strategy

Abu Dhabi, UAE, 7 January, 2016

Led by H.E Khalid Mohammed Salem Balama, Chariman of Emirates Development Bank (EDB), the board of Directors at EDB has conducted its eighth meeting of 2015 at the bank's headquarter in Abu Dhabi. The meeting discussed items on the board's agendas and made several important decisions toward them. The board has also ratified the previous meeting minutes, and looked at the actions taken by management on the implementation of resolutions and recommendations. The meeting included the authentication of the council for the bank's budget for the year 2016. The council has also addressed the Nationalization Plan adopted by the Bank for the years 2016-2018, and stressed the importance of polarization local competencies in the overall development process that the UAE experiencing.

H.E Khalid Mohammed Salem Balama commenced the meeting by welcoming the board and said: "We owe deep gratitude to insightful vision and wise leadership of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates, may God save and bless him, which represented the basis and driving force for us to establish this bank and still inspires us all to continue our journey. Alongside his Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister and ruler of Dubai, the UAE has become a universally exemplary example in how top achieving development and economic development."

"I would like on behalf of the members of the Board of Directors, to raise congratulations and blessings to his Highness Sheikh Khalifa bin Zayed Al Nahyan, Head of State and his Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and ruler of Dubai and their Highnesses Supreme Council members and rulers of the Emirates Federation for the new year 2016. We pray to Almighty God that blessed them with health and wellness. We also congratulate the people of the UAE on the occasion of the new year, wishing them and our beloved nation further progress and prosperity" he added.

H.E Khalid Balama thanked Board members and praised their seamless efforts during the year 2015, where the Council and its committees conducted 32 meetings to oversee and to follow up the stage of establishing Emirates Development Bank and its banking services, following the official opening of the Bank on 16 June 2015 in the presence of H.H. Sheikh Mansour Bin Zayed Al Nahyan, the Deputy Prime Minister and Minister of Presidential Affairs of the UAE, and a number of senior government officials along with senior executives and employees of the Bank.

His excellency added 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, leading towards the realisation of UAE Vision 2021.

Rashid Mahboob, Acting CEO of Emirates Development Bank, added: "Since the launch of our operations in June 2015, EDB has provided a key addition to the UAE banking sector, helping to foster strategic growth across the economy, while providing Emirati people with accessible banking services which can improve their quality of life and enable them to achieve their life goals."

"The opening of a Dubai branch has enabled EDB to access a new region of the UAE and provide critical support to citizens seeking affordable finance for housing. We remain on track to provide such financing to Emiratis across the nation, as well as continuing to invest in key strategic sectors of the UAE's thriving economy."

Established in 2011 under a decree issued by the President of the UAE, HH Sheikh Khalifa bin Zayed Al Nahyan, EDB's vision is to help build a diverse national economy founded on the private sector and in which citizens can access suitable accommodation by providing finance at an affordable economic cost. The bank also provides support, investment and innovative banking solutions to SME. 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. The Bank will also 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 

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 which EDB aims to contribute to through the provision of integral financing.

-Ends-

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 2016