Government

Abu Dhabi, UAE; March 10, 2015: Sheikh Zayed Housing Programme and Emirates Development Bank (EDB)has signed a Memorandum of Understanding (MoU) agreement to further promote cooperation between the two government entities and help find innovative solutions which can enable UAE citizensto have quickaccess to housing services. The landmark agreementis in-line with the vision of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAEto guarantee a high quality of living for UAE citizens and to provide conditions so that Emirati individuals can build a prosperous and healthy family. By focusing on creating a family-focused environment, the outcome will be a strong and stable society for all citizens.
The agreement was signed at a special ceremony at the DusitThani Hotel Abu Dhabi byHis Excellency Dr Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Public works and Chairman of Sheikh Zayed Housing Programme, and His Excellency Khalid Mohammed Salem Belama, Chairman of Emirates Development Bank. Among the attendees at the event were H.E. Jaber Mohammed Al Suwaidi, Deputy Chairman of Sheikh Zayed Housing Programme, H.E.Jamila Al Fandi, Director General of Sheikh Zayed Housing Programme and H.E Rashid Mahboob, Deputy CEO of EDB.

As agreed in theMoU, EDB will provide banking and financing services to customers of the Sheikh Zayed Housing Programme, as well as developers and construction businesses involved in the development of residential properties. In addition, EDB will supply services linked to the management and investment of the Programmes funds.

The latest MoU agreement follows a previous MoU signed by the two institutions and the Ministry of Finance in November 2014, which states that both entities can provide housing loans for UAE citizens. This concord, in which the EDB works in association with the Ministry of Finance to provide effective financial banking solutions, hasalready had a positive impact. The latest agreement will further augment this by providing the Sheikh Zayed Housing Programmewith the financing ability tooffer housing support for citizens.

His Excellency Dr Abdullah bin Mohammed Belhaif Al Nuaimi, praised the MoUagreement with EDB, which supports the path and wisdom in line with the government guidelines to accomplish stability and happiness for citizens, providingEmirati families with all aspects of safety and stability. His Excellency provided assurance that the agreement will further enhance the already high quality of services being provided by Government institutions in the residential housing sector.

His Excellency Khalid Mohammed Salem Belama, Chairman of Emirates Development Bank, commented: Through thisMoU agreement, the Emirates Development Bank will provide financial services to the customers of theSheikh Zayed Housing Programme according to the highest managerial, banking and professional standards and practices. This includes first-class customer services, such as opening a file for every customer of the Programme,regularly updating their data depending on changing conditions, and providing every client with a comprehensive loan repayment package. The Bank will provide qualified staff and employees to Sheikh Zayed Housing Programmes branches to aid customers make important financial decisions.

EDB,a public joint stock company, was established under Federal Decree-law No. (7) in 2011, and has total capital of AED10 billion and AED5 billion to contribute directly to financing development, housing and industrial projects for UAE citizens. The establishment of the Bank comes with a clear vision and effective message to the world, which is that the starting point of a successfully diversified national economy is based on innovationand the provision of suitable housing to all citizens. In addition, the Bank provides saving and financing solutions which helps citizens to own a home with a reasonableeconomic cost in order to secure the long-term development of the nation.

Through itscollaboration with the Sheikh Zayed Housing Programme, EDB aims to achieve the Governments vision in providing a suitable house for citizens by providing financing solutions to the Programme.

EDB seeks to build strategic partnerships with all local associations so that citizens are encouraged to build their own businesses. EDB enhances the sustainable development of key sectors in the national economy by providing finance and banking services which create conditions which can guarantee the sustainable growth for all parties in this development progress.
In total, EDB provides banking services for 30,000 citizens, who benefit from grants and housing assistance, in addition to the services it provides to constructors and advisors.

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