UAE Cabinet approves setting up Emirates Development Bank

The Cabinet approved establishing Emirates Development Bank with a capital of Dh10 billion.

The decision was made at a Cabinet meeting on Wednesday, presided by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, at the Presidential Palace.

The meeting was also attended by Lieutenant General Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, and Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

During the meeting, it was decided that Dh5 billion of the capital will be paid completely by the UAE Government.END