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U.A.E. Sets Up 10 Billion-Dirham Emirates Development Bank

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Oct. 19 (Bloomberg) -- The United Arab Emirates will start Emirates Development Bank with 10 billion dirhams ($2.7 billion) of capital to help promote economic growth in the country.

The bank will support the U.A.E.’s development initiatives, including industrial and real estate projects, and will facilitate real estate loan applications, the finance ministry said in an e-mailed statement today. It will also provide financial services for small and medium-sized businesses and offer advice and feasibility studies.

“This move falls in line with the vision of the U.A.E. government to support the nation’s economic development and to guarantee coverage of all its short and long-term development requirements,” Obaid Humaid Al Tayer, Minister of State for Financial Affairs said in the statement, without giving further details.

To contact the reporter on this story: Stefania Bianchi in Dubai sbianchi10@bloomberg.net.

To contact the editor responsible for this story: Edward Evans at Eevans3@bloomberg.net

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