Middle East Economic Survey


No 26



UAE Establishes Emirates Development Bank

The UAE cabinet on 24 June approved a federal draft bill to set up the Emirates Development Bank with an authorized capital of Dh10bn ($2.72bn) and paid up capital of Dh5bn ($1.36bn) to be put up by the government. The new bank, which is intended to provide financing for various economic sectors in the state, will take over the activities of the Emirates Real Estate Bank and the Emirates Industrial...