From Thenational.ae: The Cabinet has approved the formation of a new Dh10 billion (US$2.72bn) development bank, as the UAE banking sector takes its first big step towards consolidation amid the continuing credit squeeze.

The Government will inject half of the capital to establish the Emirates Development Bank, which will combine Emirates Real Estate Bank with the Emirates Industrial Bank (EIB), the state news agency WAM said yesterday……..Full Article: Source