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UAE Cabinet approves restructuring of Board of Directors of Emirates Development Bank

The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved the restructuring of the Board of Directors of the Emirates Development Bank under the chairmanship of Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology.

The restructuring decision designated Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, as a board member along with the following members: Younis Haji Al Khoury, Undersecretary of the Ministry of Finance; Mohammed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development; Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai; and Mariam Saeed Ghobash, Vice Chairperson of Abu Dhabi Investment Company.

The Board, that shall serve for a three-year renewable term, shall also include Khalfan Juma Belhoul, CEO of Dubai Future Foundation; Najla Ahmed Al Midfa, Chief Executive Officer of the Sharjah Entrepreneurship Centre; and Khalfan Juma Belhoul, CEO of Dubai Future Foundation.

The Decision comes within the framework of supporting the government work system and organising the boards of directors in federal entities, and set up its system. It also aims to support the work system of the Emirates Development Bank as it specialises in facilitating the real estate credit allocated for the construction, maintenance and development of buildings prepared for private housing, financing projects and agricultural crafts and activities to ensure the development of a competitive knowledge economy and the sustainability of the integrated infrastructure.

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