Emirates Development Bank Board of Directors held its seventh meeting for the year 2017, chaired by HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs at the bank headquarters in Dubai. During the meeting, the minutes and resolutions of the sixth board meeting for the year 2016, held on 15 November 2017, were reviewed and approved.

The board also discussed and decided on several important items on the agenda and reviewed the procedures taken by executive management regarding the implementation of the board resolutions and recommendations. The board then approved the estimated budget of the year 2018; allocating AED 1 billion to achieve growth in the bank loan portfolio based on the following main strategic points: Adopting SME Finance Strategy As the focus of the country’s economy, small and medium-sized enterprises (SMEs) are considered the main driving force in creating jobs and job opportunities, as well as presenting new, creative work models.

This supports the growth of the country’s sustainable economy, reinforces regional and global competitiveness and accelerates the country’s transition into a creative, innovation-based economy. The strategy is in line with the national agenda, which aims to fulfil the UAE Vision 2021 through this national index: That the contribution of the SME sector to the nation’s non-oil GDP must reach 70 per cent by 2021.

To this end, the board allocated AED 450 million to small and medium-sized enterprise finance in 2018. Establishing the Emirates Movable Collateral Registry Corporation The establishment of the Emirates Movable Collateral Registry Corporation is in line with Federal Law No.

20 of 2016 concerning mortgaging of movable properties as security for debts, which was issued in December of last year. The law states that a security registry is to be established to regulate the registration process of movable assets, publicise and prioritise lenders’ rights and cover the processes of terminating or transferring the possession of moveable assets as well as their penalties and compensations. Read more from cpifinancial.net…

thumbnail courtesy of cpifinancial.net