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Emirates creates $2.7 billion development bank for citizens New institution will provide Emiratis with suitable housing and help maintain the oil-rich country's high living standards, says finance minister
The United Arab Emirates is setting up a US$2.7 billion federal development bank aimed at providing housing aid and other services at home. The minister of state for financial affairs, Obaid Humaid al-Tayer, announced the creation of the Emirates Development Bank in a statement Wednesday. He says the bank will promote a diversified economy, provide Emiratis with suitable housing and establish "development projects to maintain the high living standards enjoyed by UAE citizens." He did not say when the bank would began operating. The oil-rich UAE has not faced widespread protests seen in other parts of the Arab World this year. The OPEC member provides generous social services to its citizens, though the wealth is not distributed equally throughout the country.