Abu Dhabi, UAETuesday 20 October 2020

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

Dr Sultan Al Jaber held his first meeting with Industrial Co-ordination Council, emphasising the importance of innovation, research and development of advanced technologies. Victor Besa / The National
Dr Sultan Al Jaber held his first meeting with Industrial Co-ordination Council, emphasising the importance of innovation, research and development of advanced technologies. Victor Besa / The National

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.

Updated: September 5, 2020 02:00 PM

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