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THE ECONOMY - BANKS

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

First Gulf Bank posts record net profit of Dh715m Jan-Sept 2005

Posted on 04/10/2005

First Gulf Bank registered a record-high net profit of Dh715 million for the first nine months of 2005, a 357 percent surge from Dh245 million profit achieved during the same period in 2004. The bank's board of directors, under the chairmanship of Sheikh Mansour bin Zayed Al Nahyan, Minister of Presidential Affairs, has agreed to submit to the bank's forthcoming general assembly meeting a proposal that foreign investors should be allowed to own up to 30 percent of the bank's capital, up from ...  >>MORE

ADCB to offer 25pc capital to expats

Posted on 01/10/2005

The Ministry of Economy and Planning yesterday allowed the Abu Dhabi Commercial Bank (ADCB) to offer its 25 per cent capital to the non-UAE national investors. The Ministry yesterday informed Securities and Commodities Authority and Abu Dhabi Securities Market of its decision, which was taken after the shareholders of the Bank, adopted a resolution at the extra ordinary general meeting held in this regard. (The Khaleej Times) ...  >>MORE

Dubai Bank acquires a strategic stake in BankIslami in Pakistan

Posted on 27/09/2005

Dubai Bank confirmed its acquisition of an 18.75 percent strategic stake in BankIslami Pakistan Limited, which is the first new bank to have received a license from the State Bank of Pakistan after the latter decided to grant commercial banking licenses for Islamic banks in 2003. Dubai Bank will join the DCD Group and Jahangir Siddiqui and Company as Founding Shareholders and together they will collectively control a majority of the Bank. This partnership creates a strategic alliance with ...  >>MORE

Emirates Bank commercial paper to open next week

Posted on 21/09/2005

Emirates Bank announced yesterday that it will launch a commercial paper in the euro market next week following the signing of a US$1.5 billion euro commercial paper programme (ECP) in August. The programme has been jointly arranged by Bank of America Securities and UBS Investment Bank, with Barclays Capital and Citibank International joining the dealer group. Emirates Bank intends to initially utilise the facility for a total amount of US$500 million to US$1 billion. The commercial paper ...  >>MORE

Banking sector to grow by 20pc

Posted on 20/09/2005

The banking sector is poised to post a record level of performance this year, and is expected to grow by 20 per cent with the anticipated growth in assets and deposits, Governor of Central Bank Sultan bin Nasser Al Suweidi said in the capital yesterday. Speaking at a function hosted by the Bank of New York and Emirates Chartered Financial Analysts, he said assets in the banks grew over 28 per cent last year while the first half of this year saw further growth by 20 per cent. Deposits also ...  >>MORE

Dh300 million merchant banking entity established

Posted on 19/09/2005

INJAZ MENA Investments P.J.S.C., a merchant banking entity with a capital of Dh 300 million has been established in Abu Dhabi to create value for potential clients and shareholders by identifying investment opportunities throughout the Middle East & North Africa region. This was announced at the recently concluded first shareholders meeting that took place here, according to a press release. Speaking to the board of directors and shareholders at the meeting, Ali bin Khalfan Al Mutawwa Al ...  >>MORE

ADCB to increase capital, split shares

Posted on 19/09/2005

Shareholders of the Abu Dhabi Commercial Bank approved plans to raise the bank's paid up capital from Dh1.5 billion to Dh4 billion. In the extraordinary general assembly meeting held yesterday in Abu Dhabi, the shareholders also approved a proposal to split ADCB share of Dh10 each to Dh1. The bank welcomed the Government's proposal to waive the premium on the rights of issue in protection of the interests of small investors. The additional shares thereby created will be offered to registered ...  >>MORE

NBD floats European real estate fund

Posted on 19/09/2005

In response to Gulf-based investor demand for European real estate investment opportunities, the National Bank of Dubai (NBD) announces the launch of its first European Real Estate Fund. The closed-ended real estate fund will provide investors with exposure to a diversified portfolio of commercial properties in the UK and major continental European countries that offer superior growth and value opportunities. The fund will invest in office, retail and industrial investments with strong ...  >>MORE

HCSEZ signs agreement with Abu Dhabi Commercial Bank and McGuire Bank

Posted on 18/09/2005

The Higher Corporation for Specialized Economic Zones (HCSEZ) signed a strategic partnership agreement here Saturday with the Abu Dhabi Commercial Bank and McGuire Bank. The agreement which was signed by Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Planning and Economic Department and Chairman of (HCSEZ), provides for the development of future plans for (HCSEZ). Present at the signing ceremony was Energy Minister Mohammed Dhaen Al Hamili. "This agreement stems from the ...  >>MORE

Central Bank grants operating license to Anglo Irish Bank

Posted on 17/09/2005

The UAE Central Bank has granted a license to the Anglo Irish Bank, a leading global financial services provider, to operate in the UAE. The representative office banking license will take immediate effect, and it will allow the bank to offer its customers banking and wealth management services. (The Emirates News Agency, WAM) ...  >>MORE

Emirates & Sudan Bank elects board members

Posted on 17/09/2005

Khartoum - The Emirates and Sudan Bank's (ESB's) general assembly Wednesday elected seven members for the board of directors with other two to be appointed later. The meeting was attended by Dr. Mohammed Khalfan bin Kharbash, Minister of State for Finance and Industry, and Eissa Abdullah Al Basha, UAE's ambassador to Sudan. In a post-meeting statement, Kharbash said the growing number of investors and capital flowing into Sudan from the UAE bore evidence of the strong bilateral ties in all ...  >>MORE

First Gulf Bank plans to raise foreign holding to 30%

Posted on 13/09/2005

First Gulf Bank yesterday announced plans to increase its foreign shareholding from 15 per cent to 30 per cent. The board of directors will meet on October 2 to ratify the proposal for the next shareholder's extraordinary general meeting (EGM). "The UAE is a highly attractive market for foreign investors considering the lower risk and attractive returns on investment," said Abdulhamid Saeed, chief executive of the First Gulf Bank, in a statement released yesterday. The agenda of the board ...  >>MORE

Returns from NBAD's top mutual fund exceed 500%

Posted on 12/09/2005

NBAD's three mutual funds manage more than Dh6 billion with the growth fund alone providing returns exceeding 500 per cent, a top official of the bank said. "NBAD's suite of three local mutual funds has delivered excellent returns," said Richard Amos, NBAD general manager of investment banking. "We have three funds to cater to different investor requirements. A Trading Fund, which takes advantage of short-term buying and selling opportunities in the market, a Growth Fund focused on long-term ...  >>MORE

ADCB secures US$75om in its debut loan

Posted on 10/09/2005

Abu Dhabi Commercial Bank has secured a debut loan of US$750 million that pays a margin of 27.5bp over Libor. Bank of America, Calyon, Deutsche Bank and JP Morgan are bookrunners on the loan, while Sanpaolo IMI is mandated as lead arranger. ADCB has not approached the syndicated loans market before but it does have in place a euro medium-term note (EMTN) programme arranged by HSBC. The floating rate programme was the largest to be issued from the Middle East, and the first from a bank based ...  >>MORE

Dubai Bank to buy into BankIslami

Posted on 10/09/2005

Karachi - Dubai Bank, a subsidiary of EMAAR Properties, plans to buy an 18.75 per cent stake in BankIslami Pakistan Ltd, a spokeswoman for the Pakistani bank said. BankIslami was granted a licence by the government to operate as a fully fledged Islamic bank in March this year, and plans to open seven branches this year. It has authorised capital of Rs2.1 billion (US$35 million). "Dubai Bank has decided to buy the equity stake to the tune of Rs375 million (US$6.28 million), or 18.75 per cent,” ...  >>MORE

DIB plans investment banking arm

Posted on 10/09/2005

Dubai Islamic Bank, aiming to increase its presence outside the UAE, plans to establish an investment banking arm in the Dubai International Financial Centre. Sa'ad Abdul Razak, chief executive of DIB, told Gulf News the bank is in the final stages of making a formal application to DIFC. On DIB's expansion agenda, he said, "Within three years, we will have at least 30 branches in the region, in addition to our UAE branches. The first market that has been identified for this is Pakistan ...  >>MORE

Banking sector remains strong in UAE: IMF

Posted on 03/09/2005

In its assessment on the UAE economy, an IMF Survey published recently has said that the banking sector remained strong, bolstered by effective supervision, but the regulatory oversight of the capital markets and non banking financial institutions will need to be rationalised and consolidated. In a recent comment on the UAE economy, an IMF Survey appreciated the outward-oriented development strategy, good macro-economic management, and a business-friendly environment have all contributed to ...  >>MORE

RAKBank plans to issue Euro bonds

Posted on 30/08/2005

The National Bank of Ras Al Khaimah (RAKBank) said it intends to establish a Euro Medium Term Note (EMTN) programme. The programme will have the flexibility for RAKBank to issue notes in various currencies and maturities with floating or fixed rate coupons. National Bank of Abu Dhabi (NBAD) and Standard Chartered Bank have been appointed joint arrangers for the establishment of the programme. These banks have also been appointed as joint lead managers for the initial tranche under the ...  >>MORE

Decree issued renewing Real Estate Bank board

Posted on 28/08/2005

President His Highness Sheikh Khalifa Bin Zayed Al Nahyan has issued a federal decree renewing the tenure of the board of directors of the Real Estate Bank. According to the decree, the tenure of the board of directors of the Real Estate Bank will be renewed for three years as from Jan.1, 2005. As before, the board will be chaired by Deputy Ruler of Dubai and UAE Minister of Finance and Industry Sheikh Hamdan Bin Rashid Al Maktoum. The board will have as members Minister of Works Sheikh ...  >>MORE

Dubai Islamic Bank wins service award

Posted on 27/08/2005

Dubai Islamic Bank (DIB) won the Best Consumer Internet Banks Award at the country level. This was announced by Global Finance which released the first round winners of the World's Best Internet Banks competition in the Middle East and Africa. The winners were selected by a world class panel of judges. DIB was selected on the basis of the following criteria: strength of strategy for attracting and servicing online customers, success in getting clients to use web offerings, growth of online ...  >>MORE

Emirates Industrial Bank's lending soars 158%

Posted on 22/08/2005

Reduced interest rates and a new strategy catapulted Emirates Industrial Bank's lending by 158 per cent last year with total approvals valued at Dh373 million, the bank's chief said. Equally, the bank earned a net profit of Dh32.19 million in 2004 compared to Dh19.52 million the previous year. "EIB's new financing strategy led to more than doubling the volume of loans and facilities provided by the bank with a stunning rise of 158 per cent. In 2004, the number of industrial projects ...  >>MORE

RAKBANK plans US$500m euro note programme

Posted on 22/08/2005

The National Bank of Ras Al Khaimah (RAKBANK) is planning to establish a US$500 million Euro Medium Term Note (EMTN) program in October, which will be listed on the Luxembourg Stock Exchange. The initial tranche of this programme is $150 million, which will be launched in October. After the Board of Director's approval, RAKBANK will organise an extraordinary general meeting of shareholders to seek their approval to the program and the necessary amendments required to the Bank's Memorandum and ...  >>MORE

ATFP, ADCB sign US$35 million credit line agreement

Posted on 15/08/2005

A US$35 million credit line agreement was signed yesterday between the Abu Dhabi-based Arab Trade Finance Program, ATFP and the Abu Dhabi Commercial Bank, ADCB, a designated national agency of the Program in UAE. Dr. Jassim Al Mannai, Chief Executive Chairman of the Board, signed the agreement on behalf of the Program. Eirvin Knox, ADCB's Chief Executive Officer, also signed for his outfit. The granted credit line is to be utilized in financing UAE foreign trade. This brings to 10 the total ...  >>MORE

Lloyds TSB Dubai signs agreement with Dubai Healthcare City

Posted on 15/08/2005

Leading Dubai based international bank, Lloyds TSB Dubai, has signed Sunday an agreement with Dubai Healthcare City (DHCC), a member of Dubai Holding to open a new Customer Service Centre at DHCC, the bank announced today. The new centre will offer various banking products and services to individual and commercial customers. The Lloyds TSB Customer Service Centre at DHCC will be open six days a week from 8 am to 6 pm and customers will be able to apply for new accounts, loans, credit cards ...  >>MORE

ADCB likely to split share, allow foreign ownership of shares

Posted on 14/08/2005

An extraordinary general assembly meeting of Abu Dhabi Commercial Bank (ADCB) will be held on Sunday to discuss proposals to split the bank's share and to allow up to 25 percent foreign shareholding. The bank's Board of Directors has recommended splitting the share from its existing nominal value of Dh. 10 to Dh. 1, as well as allowing foreigners to own up to 25 percent of the bank's share after amending the bank's articles of association. (The Emirates News Agency, WAM) ...  >>MORE

Dubai Bank announces 15 fold increase in H1 earnings

Posted on 07/08/2005

The Dubai bank reported a growth of 12% in its total assets, reaching Dh2.7 billion as at end of June 2005 compared to Dh2.4 billion at end of year 2004, with deposits rising to AED 1.9 million and Loans and Advances reaching Dh1.7 billion. Operating income of the Bank during the first half of 2005 was Dh115 million, including non-interest income of Dh64 million, an increase of 237% year-on-year. "Dubai Bank has witnessed remarkable growth over the last year. This is in line with our ...  >>MORE

ADCB will offer 25% to foreigners

Posted on 06/08/2005

Abu Dhabi Commercial Bank is planning to raise its paid-up capital from the present Dh1.5 billion to Dh3.9 billion through a 30 per cent stock dividend followed by a 1:1 rights issue. It will also open the door for up to 25 per cent foreign ownership, said a statement issued yesterday. An extraordinary general meeting will be convened in early September in Abu Dhabi to seek approval for the share split, distribution of stock dividend, rights issue and allowing foreign ownership in the bank's ...  >>MORE

ADCB, CIB enter into strategic alliance

Posted on 02/08/2005

Abu Dhabi Commercial Bank, ADCB, has entered into a strategic alliance with Commercial International Bank-Egypt (CIB) to provide Non Resident Egyptians (NRE) with an easy one stop solution to all their financial needs - both in the UAE and Egypt. The alliance offers a comprehensive banking solution that offers deposits, loans and investment products to NREs. The joint deposit products include savings and current accounts in the UAE and Egypt, fast remittance of funds, and account access ...  >>MORE

Rakbank reports record first half

Posted on 01/08/2005

Rakbank has reported a record net profit of Dh88.22 million in the half year to June 30, a 48 per cent increase over the same period in 2004. Net interest income of Dh147 million was 31 per cent more than the year-ago figures due to the significant increase in credit cards, auto loans and mortgage finance portfolio of the bank, the bank said in a statement issued yesterday. Gross loans and advances closed at Dh4.9 billion, an increase of 26 per cent from December, and more than 48 per cent from ...  >>MORE

Dubai Islamic Bank acquires 60 per cent of Sudan's Al Khartoum Bank

Posted on 26/07/2005

Dubai Islamic Bank (DIB) announced yesterday that it has signed an agreement with the Government of Sudan to acquire 60 per cent of its stake in Al Khartoum Bank. Prior to this agreement, the Government of Sudan owned 99 per cent of the bank's total shares and Sudanese investors owned the remaining one per cent. The agreement was signed at the Sudanese capital Al Khartoum, between Dr. Sabir Mohammed Hassan, representative of the Government of Sudan and Chairman of its Central Bank and Aref ...  >>MORE

NBAD UAE funds post record performance

Posted on 21/07/2005

National Bank of Abu Dhabi's three local mutual funds have posted record performances for the first half of 2005, with total assets growing by 300%. UAE Trading Fund (UTF) posted a 117% return since the beginning of the year, the NAV/unit reaching Dh36.9567 from Dh17.0484 in December 2004. Since its inception, in February 2004, the return to investors amounted to 270%, said NABAD in a press release on Wednesday. Meanwhile the DAB Growth Fund (UGF) year to date return till end of June 2005 ...  >>MORE

NBAD reports first half earnings

Posted on 19/07/2005

National Bank of Abu Dhabi, NBAD, today reported a record net profit for the 1st half of 2005 of Dh1.34 Billion, the highest for any UAE bank, 166% above the 1st half of 2004. Annualised earnings per share were AED 2.84.The return on equity was 47.4% compared with 22.7% in the 1st half of 2004. For the second quarter, net profits at Dh835 Million, were up 191% on the corresponding quarter of 2004. Total assets reached a record Dh65 Billion at the end of the first half of 2005, up 33% on the ...  >>MORE

Bank of Sharjah net up 115% to Dh130m

Posted on 18/07/2005

The Bank of Sharjah yesterday reported a 115 per cent increase in the first-half 2005 profit compared to the same period of 2004. The unaudited financial results show net profit jumped to Dh130 million in the period. The bank reported a net profit of Dh137 million for the 2004 period. Customer deposits climbed 27.4 per cent to Dh2.57 billion while assets grew 33 per cent to Dh4.073 billion. Advances increased 46.1 per cent to Dh2.4 billion. The bank also reported 53 per cent growth in equity ...  >>MORE

Emirates Bank Group reports Dh714.5m net

Posted on 17/07/2005

Emirates Bank Group reported a net profit of Dh714.5 million for the first six months of 2005, up 77 per cent over last year's first half profit of Dh402.5 million. Group assets rose 21 per cent to Dh46,247 million and loans and advances 15 per cent to Dh31.11 billion from end-2004 levels. Customer deposits increased 16 per cent to Dh22.32 billion, from Dh19.13 billion as at end-December. Medium term borrowing increased to Dh7.56 billion from Dh5.56 billion, reflecting the bank's increasing ...  >>MORE

Mashreqbank's first-half net profit doubles to Dh677m

Posted on 17/07/2005

Mashreqbank Group announced that the its net income for the first half of 2005 climbed 100.13 per cent to Dh676.6 million from Dh338.1 million in the corresponding period of 2004. The group generated operating income of more than Dh1.5 billion, compared to Dh789.2 million in the first two quarters of 2004. As of June 2005, the banking group's assets grew 23.1 per cent to Dh36.7 billion, compared to Dh29.8 billion a year earlier. Abdul Aziz Al Ghurair, CEO, said the bank's continuing strong ...  >>MORE

Top performers in the World: NBAD's Mutual Funds

Posted on 16/07/2005

In a study conducted by the National Bank of Abu Dhabi (NBAD) to compare the top performing equity mutual funds in the world, the bank's UAE Trading Fund (UTF) and UAE Growth Fund (UGF) have emerged as world's best performing open ended equity mutual funds for the first half of 2005. The study reviewed the performance of over 5000 equity mutual funds filtered using the tools and data available on the Bloomberg analytics and primary sources such as websites. The UTF and UGF have ...  >>MORE

Australian senior official meets ADCB managers

Posted on 13/07/2005

Bob Carr, the premier of New South Wales, Australia, held a meeting here on Tuesday with the management of Abu Dhabi Commercial Bank (ADCB). The meeting, which was attended by Mr. Ervin Knox, CEO and a number of high ranking officials in ADCB, discussed mutual co-operation between ADCB and the Australian financial institutes in addition to ways of boosting mutual partnership within the framework of developing and strengthening relations between UAE and Australia in sectors of relevance. ...  >>MORE

Dubai Islamic Bank opens doors to foreigners

Posted on 13/07/2005

Dubai Islamic Bank (DIB) has opened the doors to foreign ownership. At the extraordinary general meeting yesterday, shareholders approved the move to allow foreigners to hold up to 15 per cent of its shares, and to split the bank's stock from Dh10 per share to Dh1 per share. Sultan Saeed Al Mansoori, the UAE Minister of Communications and vice-chairman of the bank, chaired the meeting. The shareholders also approved the motion to amend the bank's memorandum and articles of association in ...  >>MORE

Dubai Investments Company's profits rise to 400 per cent

Posted on 12/07/2005

Dubai Investment Company has announced yesterday that its Board of Directors was about propose to investors to raise the company's capital from Dh.850 to Dh1.7 billion through two instalments, in January and April, in order to boost its industrial and real estate projects in the UAE and GCC countries. Khalid Khalban, one of the top executive officers in DIC, said that the company's Board has decided to raise its capital to Dh.1.7 billion by issuing 850 million shares at the nominal value of ...  >>MORE

First Gulf Bank's rights issue over-subscribed 54 times

Posted on 12/07/2005

First Gulf Bank (FGB)announced yesterday that initial figures showed that subscription of its new share to increase the bank's capital was over-subscribed by 54 times. The IPO, which started on June 30 and closed today, raised Dh 7.7 billion from investors while the targeted ceil was Dh 4.98 billion. The bank obtained shareholders' approval of the proposed plan to increase the bank's capital from Dh 501,868,056 to Dh1 billion in a recent extraordinary general assembly meeting. The total ...  >>MORE

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Quick List

Dubai Investments Park Development Company to raise Dh250m


First Gulf Bank posts record net profit of Dh715m Jan-Sept 2005


ADCB to offer 25pc capital to expats


Dubai Bank acquires a strategic stake in BankIslami in Pakistan


Emirates Bank commercial paper to open next week


Banking sector to grow by 20pc


Dh300 million merchant banking entity established


ADCB to increase capital, split shares


NBD floats European real estate fund


HCSEZ signs agreement with Abu Dhabi Commercial Bank and McGuire Bank


Central Bank grants operating license to Anglo Irish Bank


Emirates & Sudan Bank elects board members


First Gulf Bank plans to raise foreign holding to 30%


Returns from NBAD's top mutual fund exceed 500%


ADCB secures US$75om in its debut loan


Dubai Bank to buy into BankIslami


DIB plans investment banking arm


Banking sector remains strong in UAE: IMF


RAKBank plans to issue Euro bonds


Decree issued renewing Real Estate Bank board


Dubai Islamic Bank wins service award


Emirates Industrial Bank's lending soars 158%


RAKBANK plans US$500m euro note programme


ATFP, ADCB sign US$35 million credit line agreement


Lloyds TSB Dubai signs agreement with Dubai Healthcare City


ADCB likely to split share, allow foreign ownership of shares


Dubai Bank announces 15 fold increase in H1 earnings


ADCB will offer 25% to foreigners


ADCB, CIB enter into strategic alliance


Rakbank reports record first half


Dubai Islamic Bank acquires 60 per cent of Sudan's Al Khartoum Bank


NBAD UAE funds post record performance


NBAD reports first half earnings


Bank of Sharjah net up 115% to Dh130m


Emirates Bank Group reports Dh714.5m net


Mashreqbank's first-half net profit doubles to Dh677m


Top performers in the World: NBAD's Mutual Funds


Australian senior official meets ADCB managers


Dubai Islamic Bank opens doors to foreigners


Dubai Investments Company's profits rise to 400 per cent


First Gulf Bank's rights issue over-subscribed 54 times