The Ministry of Finance has set up the Emirates Development Bank to provide loans for property and development projects, more than two years after the UAE Cabinet approved a draft law establishing it.
The Government issued a federal law establishing the bank yesterday.
"The bank will aid in promoting a diversified economy that is built on innovation, provides citizens with suitable housing, and allows for the establishment of development projects to maintain the high living standards enjoyed by UAE citizens," the ministry said.
"The bank will also provide a range of financing and savings solutions to aid citizens in owning houses through reasonable monetary schemes."
Emirates Development Bank will have Dh10 billion (US$2.72bn) of capital to fund "projects pertaining to organisations that provide public benefit," said the ministry.
When the bank's establishment was first approved by the UAE Cabinet in 2009, it was expected that government funding would account for half of its capital.
The Government's intention to create the bank was announced in 2008 and it had been scheduled to begin operations last year. The bank was initially planned as a merger of Emirates Industrial Bank and Real Estate Bank.
At the time of its initial announcement, the Government also announced plans for Real Estate Bank to take control of Amlak Finance and Tamweel, two Islamic mortgage providers that had planned to merge before the financial crisis.
The proposed merger never materialised, leaving shares in Amlak effectively frozen since November 2008.
Tamweel was eventually bought out by Dubai Islamic Bank last year ahead of its return to trading on the Dubai Financial Market in May this year.
The Ministry of Finance declined to say whether Amlak would form part of the newly formed Emirates Development Bank.
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Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
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UAE currency: the story behind the money in your pockets
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
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- Always check the weather forecast before setting off
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
TV (UAE time);
OSN Sports: from 10am
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
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Price, base: Dh840,000; Dh120,000
Engine: 4.0L V8 twin-turbo; 3.9L V8 turbo
Transmission: Eight-speed automatic; seven-speed automatic
Power: 509hp @ 6,000rpm; 601hp @ 7,500rpm
Torque: 695Nm @ 2,000rpm; 760Nm @ 3,000rpm
Fuel economy, combined: 9.9L / 100km; 11.6L / 100km
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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