The Cabinet has issued a resolution restructuring the Board of Directors of Emirates Development Bank under the chair of Obaid Humaid Al Tayer, Minister of State for Finance.

It has named nine members for a tenure of three years, subject to renewal.

The board members include Younis Haji Khouri, Abdul Wahid Mohammed Al Fahim, Khalfan Jumaa Belhoul, Mariam Saeed Ghobash, Mohammed Abdul Ghaffar Hussein, Waleed Khalil Al-Hashimi, Saeed Mohammed Al Bahar, Salamah Mohammed Al Dhahiri, and another independent member.

The decision will enable the bank to achieve a competitive knowledge-based economy through tasks and functions entrusted to it, so as to contribute to the implementation and development of projects in the country. It will also support industrial and real estate projects, and craft and agricultural activities, in addition to dedicated credit mortgage allocated for the construction and maintenance of houses.

Emirates Development Bank was established by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, in accordance with the Federal Law No. 7 of 2011, with an authorised capital of AED10 billion to help finance the development of residential and industrial projects for citizens.

The establishment of the bank is in line with the state's vision to build a national economy characterised with diversification and based on innovation, which allows citizens access to adequate housing through provision of economic funding at an acceptable cost.

The bank offers innovative support, funding and solutions that achieve sustainable development of small and medium-sized businesses that promotes the sustainable growth of vital sectors of the national economy through availability of financing and banking conditions to ensure the growth of all parties involved in the development process.

It also generates more jobs for citizens and helps to move towards smart industries, apart from creating projects that ensure economic development and high living standards for UAE nationals.

Source :WAM