On October 19, the UAE Ministry of Finance signed an agreement to buy the remaining 49% stake of the Emirates Industrial Bank from 13 public institutions, banks and insurance companies. This adds to the 51% already owned by the government, and completes the buyout of the bank.
This agreement marks a key moment in the formation of the Emirates Development Bank, ‘a mega state-backed bank’, formed of Amlak Finance, Tamweel, the Emirates Industrial Bank and the Real Estate Bank.
The government entity is being formed to fund the UAE’s industrial sector, to facilitate the formation of numerous small and medium sized businesses by UAE nationals, as well as providing funding for development projects across the UAE. This is being done with an eye to the long-term prosperity of the UAE.
In June 2009, the UAE Cabinet approved a draft law establishing the Emirates Development Bank with an authorized capital of AED10bn (USD2.7bn), of which AED5bn will be provided by the government. It is scheduled to be operational by 2010.
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