UAE creates development bank

The UAE is setting up a $2.7 billion federal development bank aimed at providing housing aid and other services at home.

The minister of state for financial affairs, Obaid Humaid Al Tayer, announced the creation of the Emirates Development Bank in a statement on Wednesday.

He says 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 would begin operating.

The Opec member provides generous social services to its citizens.