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THE ECONOMY - BANKS

National Bank of Dubai to list US$750m bond on DIFX

Posted on 18/01/2006

National Bank of Dubai (NBD), the UAE's second-biggest bank by assets, will list its recently launched US$750 million bond on the Dubai International Financial Exchange (DIFX) today, it said in a statement yesterday. The floating rate note will be the 11th security and the first debt instrument to list on DIFX, the new exchange in the city's financial free zone, since it opened on September 26. The note matures in December 2010 and carries a coupon rate 0.35 per cent over a three month ...  >>MORE

Adib net profit leaps 180%

Posted on 18/01/2006

Abu Dhabi Islamic Bank (Adib) yesterday announced it earned a net profit of Dh344.7 million for full year 2005, up 180 per cent over the previous year. The bank, the first to announce 2005 results, also reported solid growth in assets and shareholder equity. Total assets nearly doubled to Dh22.2 billion from Dh12.7 billion the previous year. Customer deposits represented 81 per cent of total assets, or Dh18 billion, an 88 per cent increase over the Dh9.6 billion of 2004. Operating income ...  >>MORE

UAE mutual funds grow significantly since launch

Posted on 12/01/2006

Mutual funds launched last year in the UAE have grown significantly in value, giving investors high returns and capital appreciation, according to official figures quoted by Gulf News Three open-ended funds of Dh100 million each introduced by The National Investor (TNI) in 2005 achieved impressive growth and funds launched by two leading banks have also grown. The TNI UAE Blue Chip Fund introduced in April 2005 has grown by 12.2 per cent and the TNI MENA Real Estate Fund increased 16.2 per ...  >>MORE

Dubai Holding has grown substantially, Al Gergawi

Posted on 31/12/2005

Dubai Bank confirmed recent speculation that Dubai Holding acquired a 70% stake in Dubai Bank from EMAAR Properties PJSC, leaving the property development giant with a 30% ownership of the Bank. Dubai Bank which was previously a wholly owned subsidiary of EMAAR Properties PJSC is now the first Bank to partner with the prestigious group. Mohammed Al Gergawi, Chief Executive of Dubai Holding said: 'Dubai Holding has grown substantially since its launch in late 2004 and we are continuing to ...  >>MORE

Record year for banks in UAE

Posted on 31/12/2005

The UAE's banking sector maintained its robust performance in the first half of 2005 with total assets of local and foreign banks growing by a record 35 per cent to Dh536.48 billion, Central Bank figures released yesterday said. Analysts and bankers expect the banks to end the year with stronger growth on the back of high oil revenues and an equally buoyant non-oil economy. The assets of 46 banks in the country swelled to Dh536.48 billion as of June compared with Dh397.11 billion in June ...  >>MORE

NBAD offers shares for subscription by foreigners

Posted on 27/12/2005

Foreigners will be able to trade in the shares of the National Bank of Abu Dhabi, starting from Thursday, December 29. The Ministry of Economy and Planning has endorsed a request by the Bank to amend article 7 of its Bylaws to permit non-Emiratis to subscribe to 25% of the Bank's shares. The amended article stipulates that all the Bank's shares are nominal, and that subscription of UAE Nationals shall in no time fall below 75% of the Bank's capital. According to the Secretary of NBAD Khalid ...  >>MORE

ADCB ranks 17th among the top 100 Arab banks

Posted on 24/12/2005

Abu Dhabi Commercial Bank (ADCB) ranks 17th among the top 100 Arab banks, according to Euromoney magazine. n a recent report, the magazine, internationally specialised in classifying banks, said the ADCB came 17th among the top 100 Arab banks, and came second in the UAE due to its distinguished services and record profits. The bank earned record profits of Dh1.42 billion in the third quarter of 2005, compared to Dh521 million in the same period last year, an increase of 174 per cent. he ...  >>MORE

EIB to increase capital to Dh650m

Posted on 24/12/2005

The shareholders of Emirates Islamic Bank have approved the proposal to increase the bank's capital to Dhs650 million from Dh500 million through a bonus issue. The investors at their Extraordinary General Meeting (EGM) on Wednesday also approved to split the shares of the bank from their original value of Dh10 to Dh1, reports in the UAE's dailies said. The bonus shares represent 30 per cent of the capital. The bank said in a statement that it expects the profit to grow 100 per cent in 2005 ...  >>MORE

Abraaj Capital announces closing of largest Private Equity fund

Posted on 18/12/2005

Abraaj Capital, the largest private equity firm in the Middle East, North Africa and South Asia region announced today the final closing of its US$500 million second Buyout Fund (ABOF II), the largest fund ever to be raised in the Middle East. "The reputation and track record of Abraaj Capital has allowed us to raise and close ABOF II in record time" said Arif Naqvi, Executive Vice Chairman and CEO of Abraaj Capital. "We are very positive about the future economic prospects of the region and ...  >>MORE

Coin on bank's anniversary

Posted on 17/12/2005

The Central Bank of the UAE will be issuing a one dirham coin on the occasion of 25th anniversary of the First Gulf Bank. There is no change in the face of the coin, which is already in circulation, while its back depicts the logo of the silver jubilee celebrations of the First Gulf Bank. The new coin, which is made up of copper and nickel, will be put in circulation with effect from Tuesday, December 20. (The Emirates News Agency, WAM) ...  >>MORE

World's largest Sukuk receiving excellent response

Posted on 12/12/2005

The US$2.8 billion Sukuk issue for Ports, Customs & Free Zone Corporation (PCFC) lead-managed by Dubai Islamic Bank (DIB) and Barclays Capital (BC) has received an excellent response from investors, and is likely to be oversubscribed by at least 50% to 75%, with an expected book size of between US$4 billion to US$5 billion. The issue is part of a large financing package being arranged for PCFC's expansion projects. Dr. Mohammed Khalfan bin Kharbash, UAE Minister of State for Finance and ...  >>MORE

NBAD's inaugural euro note attracts strong response

Posted on 12/12/2005

The National Bank of Abu Dhabi's US$850 million inaugural floating rate note was over-subscribed 1.3 times with strong response from Europe, Asia and the GCC, the bank's investment chief said on Sunday. This is the first tranche of the bank's US$5 billion euro medium term note programme. A second tranche could be launched in the first half of next year. "The response was excellent and the marketing strategy resulted in an order book that was 1.3 times oversubscribed," said Richard Amos, ...  >>MORE

NBAD plan to float US$5b EMTN and Dh2.5b in bonds cleared

Posted on 24/11/2005

The shareholders of National Bank of Abu Dhabi (NBAD) yesterday gave a green light to float US$5 billion worth Euro Medium Term Note (EMTN) and Dh2.5 billion dirham-denominated convertible bonds in the domestic economy and to double the bank's capital to Dh2 billion besides allowing non-UAE nationals to invest in the bank's shares. "On the US$5 billion EMTN programme to be issued early next year on bench-mark size and the dirham based privately placed subordinated convertible notes, and ...  >>MORE

NBAD will open 25% of shares to foreign investors

Posted on 23/11/2005

National Bank of Abu Dhabi (NBAD) is embarking on a US$5 billion euro medium term note programme and will allow foreigners to own 25 per cent of its shares. The bank, the leader in terms of profitability in the UAE, is also doubling its authorised share capital to Dh2 billion and is issuing subordinated convertible notes worth Dh2.5 billion. An extraordinary general meeting yesterday ratified the proposals put forth by the bank. "To finance the rapid growth of Abu Dhabi, we must increase the ...  >>MORE

Banks in UAE embark on huge fund raising round

Posted on 19/11/2005

The fast growing financing needs of the economy and bulging assets are pushing UAE banks to go on a fund raising spree both in domestic and international markets. Banks are either expanding their equity base or raising funds through other means such as subordinated capital, bond issues and privately placed debt. National Bank of Abu Dhabi (NBAD), the largest commercial bank in the country, recently proposed a capital hike by way of a privately placed 10 year Convertible Subordinated Note up ...  >>MORE

Dubai Islamic Bank launches new corporate identity

Posted on 09/11/2005

Dubai Islamic Bank (DIB) has announced the launch of a new Corporate Identity that reflects the bank's progressive vision to provide a better way of banking. The launch of the new identity coincides with DIB's 30th anniversary and comes in line with the bank's continuous efforts to reach new heights in its quest for excellence and leadership at the local, regional and International levels. The new identity retains the Alislami "circular shape" and reflects the design of the first ever ...  >>MORE

Record Subscription in Al Bashaer GCC Equity Fund by ADCB

Posted on 08/11/2005

ADCB announced record subscriptions into Al Bashaer GCC Equity Fund last week. Al Bashaer Fund is a Shariah Compliant Equity Fund, a joint successful cooperation between major financial institutions in the GCC. "Al Bashaer Fund is in line with our focused open architecture model of offering the best in class investment products for our clients. ADCB's undertaking of the role of the exclusive distributor of the Fund in the UAE fits with the bank's strategy of introducing Shariah Compliant ...  >>MORE

National banks disburse Dh266b in nine months

Posted on 08/11/2005

The volume of loans, facilities and finances granted by national banks grew significantly by 34.5 per cent to Dh266 billion up to the end of the third quarter of the current year compared with Dh198 billion at the end of 2004. Official banking sources said this significant growth mirrored the banks' trend to increase the volume of their loans and finances to keep pace with the boom experienced by different sectors. The sources explained that banks increased their facilities in a bid to ...  >>MORE

National Bank of Fujairah reports 37% rise in profit

Posted on 01/11/2005

National Bank of Fujairah (NBF) yesterday announced a net profit of Dh122.67 million for the third quarter compared to Dh89.52 million for the same period a year ago, up 37.03 per cent. The bank's assets grew to Dh5.39 billion from Dh4.02 billion for the same period the previous year. Loans and advances rose 17.06 per cent to Dh3.05 billion against Dh2.60 billion for the same period last year, and customer deposits also rose 29.20 per cent to Dh3.54 billion against Dh2.74 billion. (The Gulf ...  >>MORE

Dubai Investments 9-month profit soars 306% to Dh386m

Posted on 31/10/2005

Leading diversified group Dubai Investments has reported 306 per cent increase in net profit at Dh386 million for the first nine months of 2005 against Dh291 million for the corresponding period last year. The consolidated group total income reached Dh1 billion, a two-fold increase over the same period last year. Consolidated group total assets as on Sept.30, 2005 of Dh2.8 billion increased by Dh757 million, a rise of 38 per cent, compared to the same period last year, and by Dh514 ...  >>MORE

RAK Bank net rises 46%

Posted on 31/10/2005

The National Bank of Ras Al-Khaimah (RAK Bank) reported a record net profit of Dh138.9 million for the nine months ended Sept.30, 2005, a 46 per cent increase over the same period in 2004. The current increase in the net profit continues the bank's recent history of solid growth performance. Funded income grew by 27 per cent. Net interest income of Dhs228 million registered an increase of 27 per cent over Sept.30, 2004 due to the significant increase in the credit card, mortgage finance and ...  >>MORE

Dubai Islamic Bank’s nine-month profit highest among Dubai-based banks

Posted on 31/10/2005

Banks in Dubai recorded Dh4.9 billion profits during the first nine months of 2005 as compared to the first nine-months of 2004. The banks registered 83 per cent profit growth during the third quarter of 2005 as compared to Dh2.6 billion by end of September 2004. For the second consecutive year, Dubai Islamic Bank, DIB recording the highest profit growth among banks in Dubai during the first nine months of 2005 as compared to the first nine months of 2004. DIB recorded profit growth of 106 ...  >>MORE

Emirates Bank declares 3rd quarter profit

Posted on 26/10/2005

The Emirates Bank Group (EBG) posted a Dh1.152 billion (US$314million) profit for the first nine months of 2005, which ended on September 30, 2005. The profit represents nearly 100% rise compared to the one recorded during the same period last year, which stood at Dh587 million. Total assets were up 32% to US$13.3bn, loans and advances increased by 20% to US$9.3bn. Customer deposits were up 30% to US$D7.2bn, while earnings per share increased to USD0.44 compared to US$0.22 last year. The bank ...  >>MORE

National Bank of Dubai net rises 38.7% to Dh864m

Posted on 25/10/2005

National Bank of Dubai, the emirate's largest bank, said yesterday its net profit for the first nine months of 2005 rose 38.7 per cent to Dh864 million compared to Dh622.9 million over the same period last year. Net interest income at Dh743.2 million during nine months to September 2005 was higher by Dh146.4 million or by 24.5 per cent from the same period last year. Operating income for the first nine months grew by 30.3 per cent to Dh1,294.3 million, compared to Dh993 million over the ...  >>MORE

Takaful nets Dh26.4m in nine months

Posted on 25/10/2005

The Abu Dhabi National Takaful Company (Takaful), a subsidiary of Abu Dhabi Islamic Bank, has recorded a net profit of Dh26.42 million for the first nine months of this year compared to Dh1.24 million in the corresponding period last year, the company said in a statement. The financial statements of the company showed net profit earned in the three months period ended September 30 was Dh5.17 million compared with Dh13,822 in 2004 same period. Earnings per share stood at Dh0.44 for the nine ...  >>MORE

Dubai Bank gears up for brokerage plan

Posted on 25/10/2005

Dubai Bank has signed an agreement with KnowledgeNet to provide a trading platform for its planned brokerage service. The launch, scheduled for first quarter of next year, forms part of the bank's expansion strategy. Dubai Bank will use TradeNet, KnowledgeNet's brokerage and internet trading management engine, to facilitate trading on the region's capital markets. It will start with the Dubai Financial Market and the Abu Dhabi Securities Market. The system will consist of a regular order ...  >>MORE

National bank of Fujairah lists shares

Posted on 24/10/2005

National Bank of Fujairah (NBF) has listed its shares on the Abu Dhabi Securities Market (ADSM) from Sunday. Senior bank officials stated that the move was aimed at increasing shareholder value and at the same time, increasing transparency by complying with ADSM regulations. The intention to list NBF's shares on the ADSM was announced by Chairman of the Bank Sheikh Saleh Bin Mohammad Al Sharqi at the annual general meeting held in April earlier this year. NBF assets grew to Dh4.23 billion in ...  >>MORE

AMAN, Emirates Islamic Bank ink agreement

Posted on 24/10/2005

The Dubai Islamic Insurance and Reinsurance Company (AMAN) is tightening its grip on the mortgage protection market following the signing of an agreement with Emirates Islamic Bank. Under the agreement, all customers who take out home financing with Emirates Islamic Bank will be eligible for a mortgage protection policy. The protection means that any outstanding home finance will be fully paid up by AMAN in the event of the policyholder's accident or death. It also means that the customer's ...  >>MORE

Market cap of UAE stocks triples

Posted on 23/10/2005

The UAE stock markets maintained their robust growth, catapulting the value of shares traded and market capitalisation to a record high in the first nine months of this year, official figures show. The market cap of 73 UAE stocks rose to Dh812.16 billion in September, more than triple the market cap in September 2004. The market cap is likely to exceed Dh1 trillion by year-end. Similarly, the value of shares traded during the first nine months of this year jumped to Dh375.15 billion ...  >>MORE

Bank of Sharjah profits up 170 per cent

Posted on 23/10/2005

Profits at Bank of Sharjah for the first nine months of 2005 have increased by 170 per cent compared to the same period last year. According to the bank's un-audited financial results, Bank of Sharjah generated profits of Dh258 million between January 1 and September 30. That compares to Dh95 million for the first nine months of 2004, according to a press statement. Net interest income generated in the first three quarters of 2005 grew 45 per cent to Dh106 million, compared to Dh73 million ...  >>MORE

Finance House posts Dh24.67m net

Posted on 23/10/2005

The Abu Dhabi-listed Finance House yesterday announced it earned a net profit of Dh201 million in its first 14 months up to September 30. The company began operating on July 18, 2004. Net profit for the third quarter of this year was Dh24.67 million. The company's assets have grown to Dh899.6 million. "These results reflect the company's solid strategy to achieve unprecedented ambitious results, and further assure that the company's approach to investment and financial services is on the ...  >>MORE

National Bank of Abu Dhabi wins Middle East e-Banking Country Award and Outstanding use of IT in Financial Services Award

Posted on 19/10/2005

NBAD won the Middle East e-Banking Country Award and Outstanding use of IT in Financial Services Award, instituted by Datamatix on 25/9/05 and ITP on 26/9/05, respectively. This dual recognition follows on from NBAD's recognition as the Best Bank in UAE, by both Bankers and Euromoney, earlier this year. These awards recognize banks that have achieved exemplary levels of business excellence based on the latest global technology developments and can be considered as role models for ...  >>MORE

NBAD Reports 3rd Quarter Earnings

Posted on 17/10/2005

NBAD, National Bank of Abu Dhabi, Sunday reported a third quarter net profits of Dh691 Million making cumulative profits for the first three quarters, a record Dh2 billion, the highest for any UAE bank and 153% up on the first three quarters of 2004. Annualised earnings per share were Dh2.87, 153% above the corresponding period of 2004. The annualised return on equity reached 45% compared with 23% in 2004. For the third quarter, net profits were up 131% on the corresponding quarter of 2004 ...  >>MORE

ADIB posts Dh238.3 million profit in first 3Qs of 2005

Posted on 17/10/2005

The Abu Dhabi Islamic Bank's (ADIB) net profit for the 3rd quarter grew to Dh238.3 Million, with an increase of 207% over the Dh77.5 Million profits reported at the end of the 3rd quarter of 2004. A statement released yesterday by the bank showed that the total assets have grown up to Dh22.5 Billion at the end of the 3rd quarter of the year 2005 with 108% growth rate as compared to the same period of year 2004. Customer deposits grew to reach Dh18.3 Billion by the end of the 3rd quarter of ...  >>MORE

Mashreqbank earnings jump 101%

Posted on 15/10/2005

The Mashreqbank Group is the latest to announce a record year in earnings and profit. Its net profit for the first three quarters of 2005 "soared 101 per cent" in comparison to the same period last year to more than Dh1 billion, 45 per cent more than the whole of 2004. The bank's earnings per share for the first nine months of 2005 also doubled, from Dh6.27 in 2004 to Dh12.60 this year. To the end of September, Mashreqbank generated an operating income of Dh2.2 billion, compared to Dh1.2 ...  >>MORE

ADCB profit rises 174% as new initiatives pay off

Posted on 14/10/2005

Abu Dhabi Commercial Bank (ADCB) announced yesterday its net profit in the nine months to September vaulted 174 per cent to Dh1.425 billion from Dh521 million in the same period last year. In the third quarter, ADCB's profits rose 168 per cent to Dh581 million from Dh217 million in the third quarter of 2004. Its operating profit for the first nine months of 2005 rose to Dh1.888 billion, a 143 per cent increase over 2004. Total assets increased by 31 per cent from Dh38.393 billion to ...  >>MORE

Emirates Industrial Bank net profit soars to Dh170m for 9 months

Posted on 11/10/2005

The Emirates Industrial Bank (EIB), which sanctioned Dh107.7 million to six industrial units yesterday, said it earned a net profit of Dh170.8 million for the period ended September 30, an increase of 854 per cent compared to the corresponding period last year. The board of directors of Emirates Industrial Bank (EIB) convened its meeting on Sunday at the head office of the bank in Abu Dhabi, under the chairmanship of Dr Mohammed Khalfan bin Kharbash, Minister of Finance and Industrial ...  >>MORE

Dubai Islamic Bank profits grow 106%

Posted on 08/10/2005

If you're a banker, it really is the season to be merry. Across the Middle East banks are reporting record profits, with Dubai Islamic Bank posting the largest rise in earnings of the banks that have released results so far. Profits for the UAE-based bank leapt 106 per cent. Profits for the first nine months of 2005 reached Dh1.465 billion against Dh710 million for the same period last year. The results reflect highly favourable macroeconomic conditions: high liquidity in the market i.e. ...  >>MORE

ADIB begins campaign to sell products

Posted on 07/10/2005

Abu Dhabi Islamic Bank (ADIB) yesterday launched their Discover Our Treasures campaign for Ramadan, which is aimed at promoting the bank's financial products and will be running until the end of this year. "This campaign is part of our mission to focus on customer needs, we want to encourage the public to take advantage of our products and services, which are based on Sharia principles," said a bank statement. "The Discover Our Treasures campaign will allow 93 winners to perform Umrah and Haj ...  >>MORE

Demand high for Rakbank's US$200m notes

Posted on 07/10/2005

The National Bank of Ras Al Khaimah (Rakbank) said yesterday its inaugural US$200 million five-year issue of floating rate notes under its euro medium term note programme had been oversubscribed by more than 150 per cent. National Bank of Abu Dhabi and Standard Chartered Bank were the joint bookrunners and joint lead managers of the issue that closed on September 29. The issue was distributed widely with 32 per cent of the allocations coming from Europe and 27 per cent from Asia. The notes ...  >>MORE

Dubai Investments Park Development Company to raise Dh250m

Posted on 07/10/2005

Dubai Investments Park Development Company ("DIPDC"), a subsidiary of Dubai Investments PJSC, is planning to raise Dh250 million by way of a syndicated loan facility. The company has appointed Emirates Bank Group and Standard Chartered Bank (SCB) as the Mandated Lead Arrangers (MLAs) for the transaction. Emirates Financial Services (EFS) [the investment banking subsidiary of Emirates Bank International PJSC along with SCB would act as Joint Book Runners (JBRs) for the transaction, according ...  >>MORE

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Quick List

National Bank of Dubai to list US$750m bond on DIFX


Adib net profit leaps 180%


UAE mutual funds grow significantly since launch


Dubai Holding has grown substantially, Al Gergawi


Record year for banks in UAE


NBAD offers shares for subscription by foreigners


ADCB ranks 17th among the top 100 Arab banks


EIB to increase capital to Dh650m


Abraaj Capital announces closing of largest Private Equity fund


Coin on bank's anniversary


World's largest Sukuk receiving excellent response


NBAD's inaugural euro note attracts strong response


NBAD plan to float US$5b EMTN and Dh2.5b in bonds cleared


NBAD will open 25% of shares to foreign investors


Banks in UAE embark on huge fund raising round


Dubai Islamic Bank launches new corporate identity


Record Subscription in Al Bashaer GCC Equity Fund by ADCB


National banks disburse Dh266b in nine months


National Bank of Fujairah reports 37% rise in profit


Dubai Investments 9-month profit soars 306% to Dh386m


RAK Bank net rises 46%


Dubai Islamic Bank’s nine-month profit highest among Dubai-based banks


Emirates Bank declares 3rd quarter profit


National Bank of Dubai net rises 38.7% to Dh864m


Takaful nets Dh26.4m in nine months


Dubai Bank gears up for brokerage plan


National bank of Fujairah lists shares


AMAN, Emirates Islamic Bank ink agreement


Market cap of UAE stocks triples


Bank of Sharjah profits up 170 per cent


Finance House posts Dh24.67m net


National Bank of Abu Dhabi wins Middle East e-Banking Country Award and Outstanding use of IT in Financial Services Award


NBAD Reports 3rd Quarter Earnings


ADIB posts Dh238.3 million profit in first 3Qs of 2005


Mashreqbank earnings jump 101%


ADCB profit rises 174% as new initiatives pay off


Emirates Industrial Bank net profit soars to Dh170m for 9 months


Dubai Islamic Bank profits grow 106%


ADIB begins campaign to sell products


Demand high for Rakbank's US$200m notes


Dubai Investments Park Development Company to raise Dh250m