We are in the process of developing and improving our website, and we invite you to participate in our brief survey to measure the level of your satisfaction
Satisfaction Survey For UAE Interact Website
رغبة منا بالتعرف على مستوى رضاكم عن موقعنا وبهدف تطويره وتحسينه، فقد قمنا بتصميم استبيان سريع لقياس مدى الرضا عن موقع دولة الإمارات العربية المتحدة روعي في تصميم الاستبيان أن يكون قصيرا وسريعا كي لا نطيل عليكم، وعليه نرجو منكم التكرم باستكماله عن طريق الرابط التالي
استبيان رضا المتعاملين عن موقع دولة الإمارات العربية المتحدة

THE ECONOMY - BANKS

Financial experts welcome merger of Dubai banks

Posted on 08/03/2007

Financial experts and analysts yesterday welcomed the merger of Emirates Bank International and National Bank of Dubai to form the UAE's largest financial institution. "It's a very good move," said Karti Inamdar, banking analyst with Capital Intelligence. "I actually see plus-points all the way in a friendly merger of two healthy banks," he said. Trading in shares of both the banks was halted yesterday on the Dubai Financial Market (DFM) following the announcement of the merger. Experts ...  >>MORE

Building boom spurs ADCB to set up US$1bn infrastructure fund

Posted on 07/03/2007

Abu Dhabi Commercial Bank (ADCB), the third-biggest lender by assets in the UAE, plans to start a US$1 billion (Dh3.67bn) infrastructure fund to tap a building boom in the Arab world's second largest economy. The fund, to start in the second quarter with partner Macquarie Bank, will buy shares in large property development and infrastructure projects in the UAE, ADCB Chief Executive Officer Eirvin Knox said in an interview in Dubai yesterday. The venture with Australia's Macquarie has "won ...  >>MORE

Dubai merger creates UAE's largest bank

Posted on 07/03/2007

Emirates Bank International (EBI) and National Bank of Dubai (NBD) will merge to create one of the Middle East's largest banks with assets of Dh165 billion. The merger, which took many in the banking sector by surprise, was approved by the government and creates a yet-unnamed entity with Dh65 billion higher assets than the country's biggest lender - National Bank of Abu Dhabi. "The objective of this merger is to create a strong entity that will play a major role in the banking industry," ...  >>MORE

Abu Dhabi sets up new Islamic bank with Dh4b capital

Posted on 06/03/2007

Al Hilal Bank, a new Islamic bank, is being set up by Abu Dhabi government with authorised capital of Dh4 billion, a statement said yesterday. Al Hilal Bank will join more than 50 local, regional and international banks operating in the UAE. The founders' committee of the Al Hilal Bank, a public joint stock company under incorporation and to be fully-owned by the Government of Abu Dhabi," the statement said. The founders committee said that the bank would cater to the project-related ...  >>MORE

Emirates Global Islamic Bank commences operations in Pakistan

Posted on 04/03/2007

Emirates Global Islamic Bank Limited (EGIBL), a new and dedicated Islamic commercial bank with an initial operation of six branches spread across Pakistan, was officially launched in Karachi. Present at the lavish launch ceremony were a number of important dignitaries, including guest of honour Dr. Shamshad Akhtar, Governor, State Bank of Pakistan, who spoke at length about the growing banking industry and foreign investment in Pakistan - both of which EGIBL is set to play a major part. The ...  >>MORE

Emirates Bank makes Singapore its Asia hub

Posted on 02/03/2007

Emirates Bank will open a representative office in Singapore today in a bid to capture a share of the growing trade between the Asian and Middle East markets. Company executives said the bank, which is the second largest lender in the UAE, aims to make Singapore its gateway to offer Islamic and conventional banking services in the Asia-Pacific region. The bank's Asia-Pacific representative Brian Shegar said Singapore was chosen because of its strategic location and favourable regulatory ...  >>MORE

Emirates Bank named best trade finance provider for 2006

Posted on 01/03/2007

Emirates Bank has been named UAE's Best Trade Finance Provider 2007 by Global Finance Magazine. The prestigious award will be presented at this year's Annual meeting of the IMF & World Bank being held at Washington. Global Finance editors select the best trade finance provider based on inputs from industry analysts, rating agencies, corporate executives and technology experts. Criteria for choosing winners included transaction volumes, scope of global coverage, customer services, ...  >>MORE

National Bank of Abu Dhabi in sterling fixed rate transaction

Posted on 01/03/2007

National Bank of Abu Dhabi (NBAD), rated Aa3 by Moody's, A by S&P and A+ by Fitch, has successfully launched its inaugural sterling fixed rate transaction under its $5 billion EMTN programme. NBAD has one of the highest combined credit ratings in the Middle East. Building on NBAD's continuously improving credit story, lead managers, Barclays Capital and The Royal Bank of Scotland, launched NBAD's inaugural transaction in the Sterling currency sector by issuing a £350 million fixed rate ...  >>MORE

ADCB launches first index fund in the Middle East

Posted on 12/02/2007

Abu Dhabi Commercial Bank (ADCB) announced Sunday the formal launch of its ADCB MSCI UAE Fund, the first index fund of its kind in the Middle East. Index funds, also known as passive funds or tracker funds, track the movement of market indices to deliver returns that closely match those indices. "As the regional GCC equity and capital markets continue to grow, so too has the demand for more diverse and innovative solutions to meet the growing sophistication of investors. With this in mind, ...  >>MORE

UAE banking sector's total assets grow 19.1%

Posted on 11/02/2007

The total assets of the banking sector in the UAE grew by 19.1 per cent in September 2006 compared to December 2005 from Dh638 billion to Dh759.8 billion according to the quarterly statistics released by the Central Bank yesterday. The banks' foreign assets increased by 7.5 per cent from Dh175 billion to Dh188.1 billion during the same period, while foreign liabilities increased by 62.6 per cent from Dh32.2 billion to Dh133.7 billion, reflecting the recent increase in international issues. ...  >>MORE

UAE jumps 11 places on 2006 Capital Access Index

Posted on 09/02/2007

The UAE has jumped 11 places in 2006 in a global survey on access to capital for businesses and scored higher than the global average. The country has risen from 39th to 28th place in the annual Capital Access Index (CAI), compiled by US think-tank, the Milken Institute. This ranks 122 countries across the world in terms of the financial infrastructures that support entrepreneurial activity. Joel Kurtzman, a senior fellow at the Milken Institute, this week visited the UAE to mark ...  >>MORE

NBAD plans to move east this year to tap potential

Posted on 07/02/2007

National Bank of Abu Dhabi (NBAD) is looking to expand eastwards to Singapore, Hong Kong and China in 2007, a top official said yesterday. The bank is also eyeing the India market in 2008, said Chief Executive Michael Tomalin on the sidelines of a conference in Abu Dhabi. "We have two or three ideas for 2007,” he said. "We are looking at Singapore, Hong Kong and China, and possibly India in 2008,” said Tomalin. There has been "a lot of collaboration” between the UAE and Singapore, he ...  >>MORE

Dubai Bank set to increase capital threefold to Dh1.5b

Posted on 05/02/2007

Dubai Bank, which began offering Islamic finance products at the start of this year, said it will raise its share capital from Dh500 million to Dh1.5 billion this month. "We have received approvals from the shareholders and the Ministry of Economy to increase the bank's capital by Dh1 billion," chief executive officer Abdul Asia Al Mohair told reporters yesterday. The bank is 70 per cent owned by Dubai holding unit Dubai Investment Group and 30 per cent by property giant Emaar. He said ...  >>MORE

Profits rise 23% at Bank of Sharjah to Dh382m

Posted on 30/01/2007

The Bank of Sharjah yesterday reported a 23 per cent increase in profits to Dh382 million last year compared to Dh310 in 2005, a statement said. The Bank of Sharjah's board of directors will propose a 20 per cent cash dividend equivalent to Dh250 million to shareholders at the bank's General Assembly on February 10. For the financial year ended December 31, the Bank of Sharjah generated net profits of Dh320 million plus an increase of Dh62 million in shareholder equity due to cumulative ...  >>MORE

NBAD profit hit by fall in IPO income

Posted on 29/01/2007

A decline in income from initial public offerings (IPOs) dragged the National Bank of Abu Dhabi's (NBAD) profitability down by 18 per cent last year, company officials said yesterday. Although its total assets exceeded Dh100 billion at the end of 2006, up 19 per cent from 2005 with deposits up 19 per cent to Dh71 billion and loans up 12 per cent to Dh58 billion, NBAD reported an 18 per cent decline in pre-tax profits to Dh2.15 billion last year compared to Dh2.6 billion in 2005. NBAD's ...  >>MORE

National Bank of RAK profit up 40 per cent

Posted on 29/01/2007

The National Bank of Ras Al Khaimah PSC reported a net profit of Dh258.81million for the year ended 31 December 2006 compared to Dh185.26 million in 2005 registering a growth of 40 per cent. The Board of Directors have recommended 30 per cent dividend comprising a cash pay out of 15 per cent and a 15 per cent issue of bonus shares. Earnings per share grew by 37 per cent to Dh0.48 compared to Dh0.35 for 2005. The profitability ratios continue to grow consistently with the return of ...  >>MORE

ADCB achieves 2006 objectives

Posted on 28/01/2007

The Abu Dhabi Commercial Bank (ADCB) has said that it had achieved its 2006 objectives on profit and customer service. Addressing the 3rd Annual Media Gathering, Ervin Knox, CEO of ADCB said the bank had shown exceptional performance at all levels during 2006. He added: "We have achieved our 2006 targets in serving the public and increasing the profitability of the Bank, Our progress has been confirmed by the recent independent Customer Survey confirming the improvement of our services and ...  >>MORE

Emirates Bank posts Dh1.88b profit

Posted on 25/01/2007

Emirates Bank yesterday reported 9 per cent growth in net profits to Dh1.88 billion last year compared to Dh1.73 billion in 2005, the bank said in a statement. Earnings per share increased to Dh0.81 from Dh0.74 for 2005. The bank's board of directors have recommended a cash dividend of 30 per cent to be paid out of the 2006 profit and a bonus issue of one ordinary share for every four shares held. The recommendation is subject to shareholders' approval at the forthcoming annual general ...  >>MORE

Abu Dhabi Islamic Bank's earnings per share increased 61% last year

Posted on 24/01/2007

Abu Dhabi Islamic Bank (ADIB) yesterday reported 66 per cent growth in net profit to Dh571 million last year, up from Dh345 million in 2005, a company statement said. Profit distribution to depositors and sukuk-holders was Dh1.4 billion, an increase of 94 per cent over the Dh721 million distributed in 2005. Earnings per share increased 61 per cent to Dh3.89 last year from Dh2.42 in 2005. "Despite the market value drop for most of the shares in the Gulf capital markets, ADIB still managed to ...  >>MORE

First Gulf Bank reports jump in profit to Dh1.53b

Posted on 24/01/2007

First Gulf Bank yesterday reported a 45 per cent jump in net profit last year to Dh1.53 billion compared to Dh1.05 billion in 2005, a statement said. The First Gulf Bank board recommended the distribution of 70 per cent cash dividend for last year subject to central bank and shareholder approvals. Profitability ratios were very healthy with return on average equity at 18.2 per cent, return on average assets 4.1 per cent and cost to income ratio at 26 per cent. The bank is also showing ...  >>MORE

National Bank of Fujairah reports 35% net income growth

Posted on 24/01/2007

National Bank of Fujairah (NBF) yesterday reported 35 per cent growth in consolidated net income to Dh237.6 million compared to Dh175.8 million in 2005. Total assets and liabilities grew by 37.37 per cent and 44.05 per cent to Dh8.63 billion and Dh7.05 billion respectively. Net interest income rose by 42.73 per cent over 2005 reflecting quantum growth in volumes. The bank consolidated its annual results for the first time with its wholly owned brokerage subsidiary, NBF Securities. Earnings ...  >>MORE

NBAD planning ambitious expansion programme

Posted on 23/01/2007

The National Bank of Abu Dhabi (NBAD), the UAE's biggest bank by assets, is pursuing an ambitious five-year plan to expand its retail operations, according to senior officials. "We have the largest ATM network in the country, with 165 machines in place, yet within the coming five years we plan to install 200 more," said Khalid A. Deemas, NBAD's head of retail banking. With NBAD's 200,000-strong client base and 65 branches, retail banking accounts for 40 per cent of its operations. "Our ...  >>MORE

ADCB's profit in 2006 increases to Dh2.147 billion

Posted on 22/01/2007

Abu Dhabi Commercial Bank DCB announced a record net profit for the year ended in December, 31, 2006 of Dh2.147 billion against Dh1.921 billion for the year 2005, an increase of 12 per cent. The positive results were reflected in the Board's recommendation to distribute Dh1.21 Billion as cash dividend, which is 30.25 Fils per share representing 60% of net profit and reflecting an increase of almost 4 times the previous cash dividend of Dh312.5 million. This recommendation is subject to ...  >>MORE

Dubai Islamic Bank earnings soar

Posted on 22/01/2007

Dubai Islamic Bank (DIB) yesterday reported a 47 per cent jump in its net profit to Dh1.56 billion last year, compared to Dh1.06 billion in 2005, the company said. The results were announced following a meeting of the board of directors yesterday. The board proposed a share bonus of seven per cent and a cash dividend of 35 per cent. The profit for 2006, including depositors' profits, stood at Dh3.3 billion, an increase of 65 per cent compared to Dh2 billion for the year ended December 31, ...  >>MORE

Commercial Bank of Dubai net profit grows to Dh601m

Posted on 18/01/2007

Commercial Bank of Dubai (CBD) yesterday reported a 9.2 per cent growth in its net profits to Dh601 million, compared to Dh550 million in 2005. The bank's assets increased by 22 per cent to Dh18.7 billion in 2006. The record results delivered notable improvements in the key profitability and shareholder return measures. The return on equity for 2006 improved to 18.1 per cent and EPS (earnings per share) climbed to Dh0.63 per share. The board of directors in a meeting yesterday proposed a ...  >>MORE

UAE banks deliver stellar financial performances

Posted on 17/01/2007

Leading banks in the UAE are delivering stellar financial performances due to rapid asset growth fed by the booming oil-fuelled economy, Standard & Poor's said in a report published on Tuesday. The UAE banking system is the second largest of the six countries in the Gulf Cooperation Council (GCC), with total assets of Dh714.1 billion (US$194.3 billion) as of June 30, 2006. "High economic growth over the past few years has boosted customer loans and deposits. That and large non-recurrent ...  >>MORE

NBD Investment Bank to trade securities on DIFX

Posted on 11/01/2007

NBD Investment Bank Limited (NBD-IB) has been accepted as the fourth regional bank to join the Dubai International Financial Exchange (DIFX) as a member able to trade securities. NBD-IB is incorporated in the Dubai International Financial Centre and is part of National Bank of Dubai, one of Dubai's most prominent banks. Shahzad Shahbaz, chief executive of NBD-IB, said: "This move enhances our capability to service the needs of both our regional and international issuer and investor ...  >>MORE

UAE finance sector to grow at a fast

Posted on 08/01/2007

The UAE's financial sector is growing faster than the general economy because of regulation liberalisation that has opened up new avenues for loan growth, said a National Bank of Abu Dhabi (Bad) report. It also credits the UAE with a more diversified economy, which has more absorptive capacity than its GCC neighbours. But a report by credit analysts Moody's warns: "Any severe price correction in the overheating property and real estate market and further possible share price reduction in ...  >>MORE

Dubai Bank completes Islamic conversion

Posted on 04/01/2007

Dubai Bank has completed the conversion process into a full-fledged Islamic bank and started Sharia-compliant operations from Jan.1, 2007. The conversion process, which was expected to take 18 months, was completed in six months. With the full conversion, the bank will offer a wide range of Sharia-compliant products that will be competitive as well as value-packed, said a press statement. The bank has also embarked on an aggressive expansion of its branch network and targets to operate ...  >>MORE

DIB named Best Islamic Finance House in UAE

Posted on 04/01/2007

Dubai Islamic Bank (DIB) has received the Best Islamic Finance House Award in the UAE. The award was given to DIB during the recent Islamic Real Estate Finance workshop and conference. Habib Bitar, Head of Real Estate Finance, DIB, accepted the award during a gala ceremony that was held recently at the Burj Al Arab in Dubai. The ceremony was attended by DIB officials and other dignitaries. During 2006, DIB has led the financing sector after lead managing the world's largest Sukuk deal for ...  >>MORE

Banks' profit surges 48% to Dhs13.67b

Posted on 02/01/2007

The total net profits of 46 banks operating in the UAE grew to Dhs13.67 billion for the nine-month period ended Sept 30, 2006, recording a rise of 48 per cent over the first half year figures. This accounts for 73.5 per cent of the total profit for the whole of 2005 at Dhs18.95 billion. According to the recent financial data issued by the Central Bank, the capital base and reserves of the banks operating in the country rose by 24.4 per cent to Dhs88.2 billion by the end of September ...  >>MORE

UAE banks will emerge as solid investments in 2007

Posted on 24/12/2006

The environment for core banking operations is extremely strong in the UAE, making the country's banks prime targets for stock investors, according to a global investment bank. Solid economic growth will "increase financial penetration” and, with debt at sustainable levels, "there is little suggestion that there is any trouble in store”, according to a research report released by EFG-Hermes on UAE banks. "The story of 2006 was all about the end of stock market-related earnings. IPO ...  >>MORE

Emirates Bank closes $500m bond issue

Posted on 08/12/2006

Emirates Bank International has closed its debut subordinated Lower Tier II bond issue. The size of the bond is $500 million and it has an end-maturity of 10 years, callable after 5 years. The lead managers of the issue were Credit Suisse and HSBC, and it was very well received by investors. At $500 million, this equals the largest size achieved by a GCC bank on a Lower Tier II issue. The bond was sold to investors at a margin of 63 basis points over US dollar Libor, which is the lowest ...  >>MORE

Dubai Islamic Bank wins "Bank of the Year - UAE" Award

Posted on 06/12/2006

Dubai Islamic Bank (DIB) has been awarded the prestigious "Bank of the Year - UAE" award for 2006 by The Banker magazine. The annual award for a single bank in each of 137 countries and regions is for the best overall performance in the previous period, incorporating both performance criteria, qualitative achievements and strategic initiatives. DIB has won this year's Banker magazine country award for the UAE. The Banker magazine is one of the most widely read and respected financial ...  >>MORE

UAE opens first credit bureau

Posted on 26/11/2006

The UAE's first credit bureau launched operations yesterday, hoping to offer banks, companies and individuals accurate information on borrowers. Emcredit, an independent organisation created by the Dubai Department of Economic Development (DED), is working with UAE banks to provide real-time data on individuals and enterprises. The new company is located in the DIFC and plans to announce a range of credit reports to consumers and enterprises in the near future. "A particular benefit should ...  >>MORE

Arab countries' foreign reserves in excess of 250 billion dollar

Posted on 15/11/2006

The Management of Foreign Reserves training course kicked off today at the headquarters of the Arab Monetary Fund (AMF) in Abu Dhabi. The 3-day course which is conducted by Institute for Economic Policies in collaboration with Bank for International Settlements (BIS)-Abu Dhabi Branch, an AMF affiliate body, will be focusing on reviewing and analyzing concepts of managing foreign reserve portfolios in addition to relevant updates. With 28 participants from 16 Arab countries, the course is ...  >>MORE

National Bank of Dubai floats Dh1,825m bonds

Posted on 01/11/2006

The National Bank of Dubai (NBD) on Tuesday listed US$500 million (Dhs1,825 million) of floating rate notes (FRN) on the Dubai International Financial Exchange (DIFX), in its second listing on the region's international stock market. The subordinated step up floating rates notes due in 2016 have been issued under the bank's Euro Medium Term Notes (EMTN) programme, which was increased from US$1 billion to US$3 billion in June 2006. In January 2006, the NBD became the first company to issue a ...  >>MORE

Emirates Bank to enter Singapore

Posted on 30/10/2006

Emirates Bank International announced yesterday it is opening its representative office in Singapore next month. With such a move, Emirates Bank positions itself as the first UAE bank to have a presence in Singapore. Rick Pudner, CEO of Emirates Bank, said, "Being the first bank in the UAE to take this initiative in Singapore reassures our position as a leading player in the local and regional financial services industries. Emirates Bank has already announced strategic plans to expand its ...  >>MORE

Sharjah banks see 7.8% drop in profits

Posted on 29/10/2006

Sharjah banks reported a slight drop of 7.8 per cent in their profits for the first nine months of this year to Dh695 million compared with Dh754.1 million for the corresponding period last year. The banks' assets, deposits and loans, however, made considerable progress. The profits of InvestBank dropped by 34 per cent to Dh174.2 million -- 17.4 per cent of the capital -- down from Dh264.5 million while the profits of the Bank of Sharjah rose by 0.3 per cent to Dh266 million -- 21.3 per ...  >>MORE

DIB posts net profits of Dh 1 billion in nine months

Posted on 28/10/2006

Dubai Islamic Bank (DIB) has announced its financial results for the first nine months of 2006, displaying strong performance across the board. DIB's net profit increased by 26% touching Dh1.02 billion at the end of 30th September 2006, compared to Dh 809 million for the same period last year. During the same period, the profit before distribution to depositors touched Dh 2.2 billion, registering a growth of 50% when compared to Dh1.4 billion in the corresponding period of 2005. DIB's ...  >>MORE

ADIB profit for Q3 up 70.11pc

Posted on 19/10/2006

Abu Dhabi Islamic Bank (ADIB) made a net profit of Dh405 million during the third quarter of the financial year. This is an increase of 70.11 per cent over the same period last year. During the same period last year the bank earned a net profit of Dh238 million. The shareholder's equity on September 30, 2006 hasrisen to Dh2.5 billion, as against Dh1.8 billion of September 30, 2005, recording a growth of 39 per cent. The earnings per share has also risen from Dh2.38 by the end of September ...  >>MORE

Page: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51

RETURN TO TOP | WAM UP TO THE MINUTE NEWS

Quick List

Financial experts welcome merger of Dubai banks


Building boom spurs ADCB to set up US$1bn infrastructure fund


Dubai merger creates UAE's largest bank


Abu Dhabi sets up new Islamic bank with Dh4b capital


Emirates Global Islamic Bank commences operations in Pakistan


Emirates Bank makes Singapore its Asia hub


Emirates Bank named best trade finance provider for 2006


National Bank of Abu Dhabi in sterling fixed rate transaction


ADCB launches first index fund in the Middle East


UAE banking sector's total assets grow 19.1%


UAE jumps 11 places on 2006 Capital Access Index


NBAD plans to move east this year to tap potential


Dubai Bank set to increase capital threefold to Dh1.5b


Profits rise 23% at Bank of Sharjah to Dh382m


NBAD profit hit by fall in IPO income


National Bank of RAK profit up 40 per cent


ADCB achieves 2006 objectives


Emirates Bank posts Dh1.88b profit


Abu Dhabi Islamic Bank's earnings per share increased 61% last year


First Gulf Bank reports jump in profit to Dh1.53b


National Bank of Fujairah reports 35% net income growth


NBAD planning ambitious expansion programme


ADCB's profit in 2006 increases to Dh2.147 billion


Dubai Islamic Bank earnings soar


Commercial Bank of Dubai net profit grows to Dh601m


UAE banks deliver stellar financial performances


NBD Investment Bank to trade securities on DIFX


UAE finance sector to grow at a fast


Dubai Bank completes Islamic conversion


DIB named Best Islamic Finance House in UAE


Banks' profit surges 48% to Dhs13.67b


UAE banks will emerge as solid investments in 2007


Emirates Bank closes $500m bond issue


Dubai Islamic Bank wins "Bank of the Year - UAE" Award


UAE opens first credit bureau


Arab countries' foreign reserves in excess of 250 billion dollar


National Bank of Dubai floats Dh1,825m bonds


Emirates Bank to enter Singapore


Sharjah banks see 7.8% drop in profits


DIB posts net profits of Dh 1 billion in nine months


ADIB profit for Q3 up 70.11pc