The Board of Directors of Emirates Development Bank (EDB) concluded their fifth meeting of 2019, chaired by His Excellency Obaid Humaid Al Tayer, Minister of State for Financial Affairs and Chairman of the Board of Directors of EDB. His Excellency welcomed the new members of the Board, who were appointed last month by the UAE Cabinet, and whom will be serving a three-year term. The Chairman of EDB thanked the efforts of both previous and current members in working towards implementing the goals of the Bank’s goals. The Honourable Younis Khouri was appointed as Deputy Chairman following a vote by the members of the Board. Moreover, the Board of Directors established committees for the purpose of improving the Bank’s systems and operations.
The establishment of the committees and vote were part of a wider agenda discussed at the meeting, which included making critical decisions relating to important areas of focus for the Bank. Furthermore, the members of the board reviewed the Executive Management’s reports, as well as a progress report focusing on the implementation of the strategy and previous decisions. Board of Directors reiterated its commitment to deliver superior services which cater to EDB’s customer needs. The commitment extends to EDB’s home finance solutions being offered at competitive rates in line with its mandate to reduce financial burden on Emiratis. By enabling Emirati families to build their homes, the bank’s strategy aims at contributing to enhancing social stability, family security and overall wellbeing across the nation.
H.E. Obaid Humaid Al Tayer expressed his appreciation for the Board of Directors in their achievements and working towards the goals of the UAE’s economic agenda. H.E. Al Tayer added that EDB is positioned as a key partner in helping increase the contribution of SME’s to growing the Non-Oil Gross Domestic Product.
H.E. Al Tayer reaffirmed EDB’s continued efforts to working with its strategic partners to deliver services designed for Emiratis, as well as the funding they require to develop and grow their businesses, for the purpose of advancing the ecosystem of the UAE’s Small-to-Medium Enterprises. This in turn would generate jobs and foster innovation, along with increasing home ownership for UAE Nationals.
