(MENAFN- Emirates News Agency (WAM)) Emirates Development Bank (EDB) today announced the official launch of its operations in Abu Dhabi at a grand ceremony attended by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
In a statement following the launch ceremony, Sheikh Mansour said, ''The EDB was established upon the directives of the wise leadership, led by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and in implementation of resolutions of the Federal Cabinet under the chairmanship of Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum.'' He added that the bank represented a qualitative addition to the banking industry in the UAE which seeks to push forward comprehensive development and provide high quality services that enable citizens to finance their projects, own private houses and support the SMEs sector and entrepreneurship.
He expressed confidence in the ability of the bank's management to shoulder the national responsibility and meet citizens' demand in a transparent manner.
Sultan bin Saeed Al Mansouri, Minister of Economy, Dr. Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Public Works, Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, and a number of senior officials attended the ceremony.
Emirates Development Bank (EDB), en entity formed as a result of the merger of Emirates Industrial Bank and Emirates Real Estate Bank, was founded under a decree issued by the President of United Arab Emirates, H.H. Sheikh Khalifa bin Zayed Al Nahyan through Federal Law No. 7 of 2011 with an authorized capital of AED10 billion to help in financing developmental, residential and industrial projects for citizens.
The establishment of the bank came as part of the clear vision and well-defined and effective message, moving forward to build a national economy characterized by diversity and was based on innovation. It allows citizens access suitable accommodation by providing finance at affordable economic cost.
The bank also provides support, finance and innovative banking solutions that help achieve sustainable development of small and medium business companies.
Emirates Development Bank enhances sustainable growth of vital sectors in the national economy through providing financing and banking services in conditions that ensure the sustainability of growth for all parties involved in the development process and create more jobs for citizens and help in the movement towards smart industries, the establishment of economic development projects that ensure persistence of high levels of living for UAE citizens, and the development and implementation of development projects in the state.
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