The United Arab Emirates is setting up a $2.7 billion federal development bank aimed at providing housing aid and other services at home, news reports said on Thursday. The minister of state for financial affairs, Obaid Humaid Al-Tayer, announced in a statement on Wednesday the creation of the Emirates Development Bank, the Bloomberg newspaper said. Al-Tayer was quoted by Bloomberg as saying the bank will promote a diversified economy, provide Emiratis with suitable housing and establish development projects to maintain the high living standards enjoyed by UAE citizens. He did not say when the bank will start operating. The oil-rich country has not faced widespread protests seen in other parts of the Arab World this year. The OPEC member provides generous social services to its citizens, though the wealth is not distributed equally throughout the country. The bank will support the UAE's development initiatives, including industrial and real estate projects, and will facilitate real estate loan applications, the Associated Press said quoting the finance ministry. It will also provide financial services for small and medium-sized businesses and offer advice and feasibility studies, AP said. “This move falls in line with the vision of the UAE government to support the nation's economic development and to guarantee coverage of all its short and long-term development requirements,” it quoted Al-Tayer as saying.
