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Development Bank to begin operations in 2010

Mohammed Elsidafy Business24|7
Development Bank to begin operations in 2010 - Real Estate Bank - Financial/Loan - UAE

A committee assigned to set up the Emirates Development Bank will complete its mission in three months, paving the way for the bank to begin operations from 2010, according to the Ministry of Finance.

Speaking to Emirates Business, Younis Haji Al Khouri, Director-General of the ministry, said: "The committee is now formulating the bank's administrative and organisational structure with the help of specialised global consultancy firms."

Earlier in January, the Ministerial Council for Services had approved the merger of the Real Estate Bank and the Industrial Bank into a single entity under the name of the Emirates Development Bank. And last month, the UAE Cabinet approved a federal draft bill for the establishment of the Emirates Development Bank with an initial capital of Dh10 billion, half of which will be provided by the government.


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