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BBC cameraman Peter Henderson on the Eat-2-Grow Food enterprise, which aims to empower people in war-torn zones
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Cabinet Go-ahead for Emirates Development Bank
DUBAI - The UAE Cabinet on Sunday approved a draft federal law for the establishment of Emirates Development Bank by merging Emirates Real Estate Bank and Emirates Industrial Bank into a single entity.
The Cabinet decision endorsing the merger is expected to be followed by another crucial decision on the fate of two troubled Islamic mortgage firms Amlak and Tamweel:Whether to merge them with the new Emirates Development Bank or restructure them. The merger of Amlak and Tamweel into an $8 billion lender before incorporating the combined entity with Emirates Development Bank has been under review by a federal government committee since November.
Last year, the government announced that it would merge the mortgage firms with the state-controlled Emirates Real Estate Bank and Emirates Industrial Bank to form Emirates Development Bank.
Two weeks ago, Shaikh Khaled Bin Zayed al Nahyan, chairman of Tamweel, said the government was considering a restructuring plan and that a decision on whether to merge the companies would follow.
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