Tuesday 3 March 2009

Bank for industry planned

The Abu Dhabi Government is planning to set up an industrial bank to finance projects in the emirate, especially in Abu Dhabi Industrial City, said an official from the emirate's planning department.

Speaking to Emirates Business on the sidelines of the Abu Dhabi Economic Forum at Emirates Palace yesterday, Mohammed Omar Abdullah, Under-Secretary for Abu Dhabi Department of Planning and Economy, said: "Industrialists and businessmen have urged the department to set up a bank to finance their projects, with the government having the biggest role in it.

"We are studying the possibility of setting up the bank. It is a good idea to finance industrial projects to develop Abu Dhabi's industrial sector, which the government hopes will play a big role over the next few years. The suggestion needs careful study, and this is what is being done.

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