Minister of Industry and Advanced Technology appointed Emirates Development Bank chairman

UAE Cabinet names Dr Sultan Al Jaber to head the bank after reshuffling the lender's board of directors

Abu Dhabi, United Arab Emirates, January 11, 2020. Atlantic Council Global Energy forum, Abu Dhabi. H.E. Dr. Sultan Al Jaber, Minister of State, United Arab Emirates and Chief Executive Officer, Abu Dhabi National Oil Company at the forum. Victor Besa / The National Section: BZ Reporter: Jennifer Gnana

The UAE Cabinet has appointed the country's Minister of Industry and Advanced Technology as the new head of the state-owned Emirates Development Bank (EDB), the government said on Saturday.

Dr Sultan Al Jaber, who is also Abu Dhabi National Oil Company's group chief executive, was named chairman, according to a tweet by the UAE Government Communication Office.

The decision backs efforts aimed at "contributing to the economic and social development in the UAE and providing financial services for industrial, real estate and commercial enterprises in a way that ensures the development of a competitive knowledge economy", it said.

The move comes after the UAE Cabinet restructured the lender's board of directors. In June, Fitch Ratings affirmed EDB’s Long-Term Issuer Default Rating 'AA-' with a stable outlook.

The appointment came during a UAE Cabinet session following a broad government restructuring in July, which merged government entities and named new ministers for more agile decision-making.

Changes included the establishment of a Ministry of Industry and Advanced Technology, led by Dr Sultan Al Jaber.

Other decisions included merging the Ministry of Energy and Industry and the Ministry of Infrastructure Development to become the Ministry of Energy and Infrastructure, led by Suhail Al Mazrouei.

The UAE Cabinet, headed by H.H. Mohammed bin Rashid, has restructured the Board of Directors of the Emirates Development Bank @EDB_UAE to be chaired H.E. Dr. Sultan bin Ahmad Al Jaber, Minister of Industry and Advanced Technology. #UAEGov

— UAEGOV (@uaegov) September 5, 2020