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Mon 26 Dec 2016 02:18 PM

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Emirates Development Bank allocates $409m for housing, SMEs

Budget said to finance housing loans for Emiratis, business start-up initiatives

Emirates Development Bank allocates $409m for housing, SMEs

The Emirates Development Bank (EDB) has approved a budget of $408.72 million (AED1.5 billion) to finance housing loans for Emirati citizens and help establish small-to-medium-sized enterprises (SMEs) in 2017, it said on Sunday.

The budget allocates $204.36m (AED750m) for housing loans for Emiratis and a similar amount for the development of SMEs to help the private sector generate more job opportunities for citizens, state news agency WAM reported.

Comprising around 300,000 companies and accounting for 86 percent of the workforce in the private sector, the SME segment plays a critical role in the UAE economy, it said.

“EDB strives to deliver the Federal Government Vision 2021 by providing support, finance and innovative banking solutions to small and medium companies to help drive the UAE’s transformation into a knowledge-based economy, and encourage innovation as well as research and development,” said Obaid bin Humaid Al Tayer, minister of state for financial affairs and chairman of EDB.

Founded in 2011, the bank has an authorised capital of $2.72 billion (AED10 billion) to help finance developmental, residential and industrial projects for citizens.

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