Sultan Al Jaber named chairman of Emirates Development Bank

The decision aimed at contributing to the economic and social development of the UAE.

The UAE Cabinet, headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has restructured the Board of Directors of the Emirates Development Bank, appointing Dr Sultan bin Ahmad Al Jaber, Minister of Industry and Advanced Technology, as its chairman.
The decision supports Emirates Development Bank's efforts aimed at contributing to the economic and social development of the UAE and providing financial services for industrial, real estate and commercial enterprises in a way that ensures the development of a competitive knowledge economy.

The UAE Cabinet, headed by H.H. Mohammed bin Rashid, has restructured the Board of Directors of the Emirates Development Bank @EDB_UAE to be chaired H.E. Dr. Sultan bin Ahmad Al Jaber, Minister of Industry and Advanced Technology. #UAEGov
- UAEGov (@uaegov) September 5, 2020

The bank's 2019 annual statement showed that it has Dh10 billion authorized capital, Dh5 billion paid capital and Dh4 billion issued capital. It had Dh8.5 billion assets and enjoys AA- stable rating from Fitch.

It posted a profit of Dh70.5 million in 2019 as compared to Dh41.67 million in the previous year.

-waheedabbas@khaleejtimes.com