The new Emirates Development Bank of the government now exists for the working citizens of the UAE
UAE citizens now have a bank to invest their savings, especially those related to finance and housing. This newly opened bank is owned by the state, and is backed up by the UAE government to increase interest in public support and social activity.
Many believe that this is an excellent undertaking from the government’s part. The previous attempts at ensuring proper homes and manageable salaries to the citizens are now being pushed further. The number of the targeted citizens, which is about one million in eight million of the entire population, will be greatly benefited with these new steps.
This bank, named the Emirates Development Bank (EDB), situated in Abu Dhabi, plans to hold itself responsible for these developments, and is further encouraging more improvements. This new bank is a combination of both Emirates Industrial and Real Estate Banks.
Owning about Dhs 10bn of capital, EDB plans to distribute half of this amount to support housing and international schemes that will boost the national finance of the UAE.
Additionally, citizens can benefit from cheaper homes, and even better facilities by 2021. The 30,000 targeted citizens will gain Dhs 500m to invest in local businesses, especially small ones. It is expected that these developments will lead to an increased number of private sectors to employ more citizens.
EDB is to be joining the national competition soon. Joining 23 local banks and 28 foreign banks of the state, it can now be seen that the government has claims on a large number of local institutions.