Cabinet approves draft law to set up Development Bank

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, chaired a meeting of the Cabinet at the Presidential Palace in Abu Dhabi yesterday. The meeting was attended by Deputy Prime Minister and Minister of Interior Lt-General Sheikh Saif bin Zayed Al Nahyan and Deputy Prime Minister and Minister for Presidential Affairs Sheikh Mansour bin Zayed Al Nahyan. The Cabinet approved a federal draft law establishing the UAE Development Bank with an initial capital of Dh10 billion, half of which will be provided by the government. The new bank will be tasked with developing and supporting various sectors in the country. The Cabinet also approved a Federal National Council (FNC) memorandum concerning the policies of the Telecommunications Regulatory Authority and the General Civil Aviation Authority. After reviewing FNC recommendations pertaining to the policies of the Marriage Fund, the Public Works and Social Affairs Ministries, the Cabinet took appropriate decisions. The Cabinet also ratified a number of health and safety specification standards and sanctioned an increase in capital contributions for the Islamic Establishment for Private Sector Development. Also during the meeting, the final accounts and general budget of the Real Estate Bank were approved for the fiscal year ending December 31, 2008. Concluding the session, the Cabinet gave its backing for the drafting of legislation to amend the provisions of Federal Law No 1 of 1979 governing the Organisation of Industrial Affairs. Keep up with the latest business news from the region with the daily Emirates Business 24|7 newsletter. To subscribe to the newsletter, please click here .