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THE ECONOMY - BANKS

Banks line up for Dh1.3b term loan for Al Futtaim

Posted on 05/01/2002

The UAE is poised to witness the largest corporate loan in its history when the Al Futtaim Trading Group concludes an approximately Dh1.3 billion syndicated refinancing facility with a group of national and foreign banks here. Though the names of the banks participating in the facility have yet to be revealed, it is understood that most of the major banks will have a role to play in this coveted deal. The facility, which is understood to be a seven-year term loan, will most probably carry a ...  >>MORE

DIB invests US$45m in two joint projects

Posted on 04/01/2002

Dubai Islamic Bank (DIB) has invested Dh165 million (US$45 million) in two joint investment projects floated with Kuwait Finance House (KFH) last year. According to a top official of DIB, Yousef Ali Fadil bin Fadil, while $20 million has been invested in e-Kuwait project, US$25 million has gone into Al Soor Real Estate Project set up for leasing. (The Gulf News) ...  >>MORE

UAE banks, exchange houses start transactions in Euro

Posted on 03/01/2002

The Euro single currency made its appearance in the UAE with banks and exchange companies handling sale and purchase of the currency across their counters in the country yesterday. Although the currency of the 12 Euro zone countries came into being with the fall of the year 2001, its presence in the form of notes of denominations of 5, 10, 20, 50, 100, 200 and 500, was conspicuous yesterday, as business establishments and offices reopened after a public holiday on New Year Day. The ...  >>MORE

UAE takes advantage of Euro

Posted on 03/01/2002

UAE investors and businessmen are increasingly using the Euro in their transactions, and this is set to increase after the single currency launch on 1 January. Currency investors and businessmen are set to take advantage of the Euro's weakness against the dollar, since the UAE's currency, the dirham, is linked to the US dollar. The Euro has lost 25 per cent value against dollar since its inception in January 1999. The biggest advantage for the banks is that they no longer have to maintain ...  >>MORE

UAE set to reap euro advantage

Posted on 01/01/2002

More and more investors in the UAE are coming forward to bet on the euro in the wake of the historic launch of this single currency representing 12 European Union countries today. However, the UAE will see physical presence of the euro only on January 2, the 1st of January being a holiday here. According to bankers here, the fact that euro has already lost 25 per cent strength against dollar since its inception in January, 1999, and the U.S. economy is not on a firm footing, the euro is ...  >>MORE

UAE exchanges brace for Euro launch

Posted on 28/12/2001

While the euro banknote is scheduled to be launched on January 1, 2002, the UAE is expected to see a 'volume presence' of this much-awaited currency from January 3, 2002, a UAE newspaper reported today. 'Around 14.5 billion euro bank notes and 50 billion euro coins will be ready throughout the euro area prior to January 1, 2002, the Gulf News said. According to reliable sources, the money exchange houses in the UAE have already made arrangements to physically import euro through their ...  >>MORE

Suwaidi rules out dirham link with Euro

Posted on 28/12/2001

The advent of physical euro notes and coins in euro zone from January 1, 2002 will eventually see the Central Bank of the UAE restructuring its reserves with a sizeable euro currency component, although the actual percentage would be decided by the board, Sultan bin Nasser Al Suwaidi, governor, stated yesterday. According to major UAE dailies, which reported the story in their issues of today Al Suwaidi, however, ruled out any dirham link with the euro or a basket of currencies, explaining ...  >>MORE

EIB seeks extension of loan grace-period

Posted on 24/12/2001

Emirates Industrial Bank (EIB) will request the UAE government to extend the grace period of its loans to the bank for another 20 years, according to an EIB statement. The request was decided upon yesterday by EIB's board of directors in Abu Dhabi under the chairmanship of Dr Mohammed Khalfan bin Kharbash, UAE Minister of State for Financial and Industrial Affairs, and EIB chairman. The bank's next meeting is due in the first quarter of 2002. The board of directors said EIB approved loans ...  >>MORE

NBAD ranked first among banks in the UAE

Posted on 23/12/2001

National Bank of Abu Dhabi (NBAD) was ranked first among the commercial banks operating in the UAE with deposits of Dh26.15 billion in 2000, according to statistics compiled by Emirates Banks Association. NBAD was followed by the National Bank of Dubai (NBD) with Dh21.3 billion, Abu Dhabi Commercial Bank (ADCB) Dh17.11 billion, Mashreqbank Dh16.09 billion and Emirates Bank International (EBI) Dh12.07 billion. In terms of loans, NBAD again topped the list at Dh19.31 billion followed by ...  >>MORE

Central Bank reduces interest rates on certificates of deposit

Posted on 16/12/2001

The UAE Central Bank has announced that it had reduced interest rates on certificates of deposit, which it issues to banks operating in the country, to the new level of inter-bank interest rates on US Dollar deposits in International Financial Markets as from Wednesday 12/12/2001. Certificates of Deposit, which the Central Bank issues to banks operating in the country, are the mechanism through which interest rates on UAE Dirham are reduced (or raised) in the banking system, which banks use ...  >>MORE

Emirates Industrial Bank to lift capital to US$272million

Posted on 09/12/2001

The UAE's Emirates Industrial Bank (EIB) said on Monday it plans to more than double its paid in capital to one billion dirhams (US$272.3 million) by 2007, the official news agency WAM reported. "EIB's board of directors has agreed to present a recommendation to the general assembly to raise the bank's capital from 400 million dirhams to one billion dirhams over the next six years," WAM qouted UAE Minister of State for Finance and Industrial Affairs Mohammad Khalfan bin Kharbash as saying. ...  >>MORE

Emirates Industrial Bank - National day 2001

Posted on 09/12/2001

The crucial decision taken by the board of directors of the emirates industrial bank (EIB) in May 2001 to raise the bank's capital from Dh400 million to one billion dirhams over the coming six years was a strong indicator of the growing demand for industrial financing services. EIB, owned by government agencies and a number of commercial banks in the United Arab Emirates, provides soft loans to industrial investors in line with the UAE's bid to diversify its economy away from oil. A report ...  >>MORE

FNC debates on Central Bank policy

Posted on 06/12/2001

The Federal National Council (FNC) called yesterday on the UAE Central Bank to impose stringent restrictions on personal consumer borrowing especially from low-income categories in order to put an end to the negative phenomenon. In special session dedicated to discuss the general policy of the Central Bank, the FNC called on the apex bank to tighten controls on borrowing and develop a banking risk management to prevent escape of debtors. The meeting, attended by Dr. Mohammed Khalfan Khirbash, ...  >>MORE

Emaar Properties to open bank in 2002

Posted on 29/11/2001

Emaar Properties confirmed on 26 November that it had obtained approval from the UAE Central Bank 'for the establishment of a new bank in Dubai which will start operations in early 2002'. Emaar's decision to expand the group's business into the UAE banking sector was taken after the successful establishment of Amlak, which undertakes real estate financing. ...  >>MORE

NBAD fund posts steady growth

Posted on 28/11/2001

The NBAD UAE Growth Fund has reported a 5.24 per cent return on investments end October 2001 since its launch in October 2000, the bank said yesterday. The return on investments reached 11.19 per cent on 21 November 2001. The achievement, compared to alternative investment products was a result of prudent decisions and the selection process of the dedicated team administering the fund, it added. The UAE economy has grown and so has the value of the fund. The UAE markets have had "down" ...  >>MORE

EMAAR to open bank in first half of next year

Posted on 27/11/2001

EMAAR Properties confirmed yesterday it was diversifying into banking and its full-service bank will start operations in the first half of next year. The company announced it had obtained approval from the UAE Central Bank "for the establishment of a new bank in Dubai with the specific objective of diversification". It said the Central Bank had agreed to reactivate the licence held by Emirates National Bank, at its request. "Emirates National Bank's operations were integrated in the 1980s ...  >>MORE

New NBD shares to be listed on December 1

Posted on 26/11/2001

The new shares of National Bank of Dubai (NBD), with a nominal value of Dh10, will be listed and traded on Dubai Financial Market (DFM) from December 1. Consequently, the volume of NBD shares will increase tenfold from 8.645 million to 86.45 million adding up to a paid-up capital of Dh864.518 million. The move will certainly help improve the liquidity of NBD shares in the stock market. Maybe, reflecting this, the value of NBD shares had been rising sharply. Approximately over the past three ...  >>MORE

UAE freezes 30 bank accounts

Posted on 22/11/2001

The UAE Central Bank asked banks to freeze the assets of 30 companies, while they are investigated for any irregularities, according to the Arabic language daily Al Bayan on 18 November. Details of these named accounts are to be given to a special unit at the Central Bank. The companies named were: The Authorised Insurance Brokers Al Ahmed Trade Enterprises Europe-Asia General Trading Co Al Umaraa General Trading Co Marco Polo for General Trading Al Ahmed Contracting Yazi petrol ...  >>MORE

UAE banks put up good show in first nine months

Posted on 21/11/2001

Commercial banks in the UAE have performed better in the first nine months and will likely make higher profits through the year despite the catastrophic fallout from the September 11 incidents, bankers and economists said. Many banks could even benefit as the events have hit investor confidence and prompted a return of some funds to the region, they said. "As the UAE economy is expected to record positive growth this year, this will naturally affect the banking sector. Expectations are that the ...  >>MORE

Khalifa urges banking sector to embrace modern technology

Posted on 05/11/2001

His Highness Sheikh Khalifa bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, yesterday urged local financial and banking sector to introduce most advanced technologies in order to improve and develop its services and products and maintain its role as a solid base for domestic economy. "In future, e-commerce will sweep the global trade exchange. This will definitely make drastic changes in the global economic life, notably in financial and ...  >>MORE

Dubai Islamic Bank posts strong results

Posted on 04/11/2001

Dubai Islamic Bank has posted good results at the three-quarters stage, with profits having climbed 20 per cent to Dh502 million by end-September. As per unaudited data made available to the Dubai Financial Market yesterday, total assets surged 31 per cent to Dh14.8 billion, as compared to the level at end-September 2000. Investment assets kept pace with a 27 per cent jump to Dh12.7 billion. Deposits, however, charted the maximum increase, vaulting 36 per cent to Dh12.8 billion. The bank was ...  >>MORE

Rakbank reports Dh44.5m profit

Posted on 04/11/2001

The net profit of Rakbank for the nine-month period ending September 30, 2001, dropped marginally from Dh48.221 million to Dh44.522 million. The fall is mainly due to the higher net provisions of Dh10.680 million the bank has made against impairment of assets during this period. The corresponding net provisions were only Dh5.660 million last year. Interest income and operating income were higher at Dh124.024 million and Dh104.433 million, compared to Dh113.373 million and Dh84.898 million ...  >>MORE

Dubai Islamic Bank free of terrorist funds

Posted on 01/11/2001

Dubai Islamic Bank (DIB) stated on 29 October that it is free of any funds linked to terrorism. Following the events of September 11, the Dubai Islamic Bank has thoroughly checked the specific list of names given to it by the UAE Central Bank. The bank does not hold, and has not held, accounts for named terrorist suspects. ...  >>MORE

ADIB, NIC in Dh150m financing agreement

Posted on 31/10/2001

Abu Dhabi Islamic Bank (ADIB) and National Investment Corp. (NIC) have signed a Dh150 million five-year murabaha (Islamic financing instrument) agreement for refinancing the Marina Mall project. The financing will go towards expansion of the project, which includes construction of a five-star hotel. NIC was set up as a local entity through an Emiri decree in 1999 for developing tourism and entertainment projects. The agreement was signed by Sheikh Sultan bin Khalifa bin Zayed Al Nahyan, ...  >>MORE

Credit card spending in UAE market remains stable

Posted on 28/10/2001

Domestic spending thought credit cards in the UAE has remained stable and also grown marginally in September despite the terror strikes in the US, according to major banks in the country. Bankers said that despite the anti-terror action in Afghanistan, domestic spending has remained quite healthy and on a year on year analysis, from September 2000 to September 2001, local spending has grown. In fact, a few bankers said that the September spending this year has been higher than the domestic ...  >>MORE

UAE's credit rating top in region again

Posted on 27/10/2001

The UAE retained its top country credit ranking in the Middle East while improving its rating, even as the world at large was deemed to have become a riskier place. At the global level, it maintained its 26th place. The UAE also charted the eighth-biggest upward move among 145 countries, the Institutional Investor said while releasing its 2001 country credit ratings, carried in its September issue. The UAE's credit rating of 68.3 increased 0.7 points in the six months preceding September, ...  >>MORE

NBAD, Thuraya sign e-commerce pact

Posted on 24/10/2001

The National Bank of Abu Dhabi (NBAD) and Thuraya Satellite Telecommunications Company have signed an e-commerce merchant agreement under which the bank will offer the Internet-based online payment solution to facilitate purchases of Thuraya services as well as equipment. The agreement was signed by Khamis Buharoon Head of Domestic Banking Division of NBAD and Yousef Al Sayed, Chief Executive Officer of Thuraya. NBAD, as a leading financial institution pioneering the growth of e-commerce ...  >>MORE

EBG unveils two new schemes

Posted on 24/10/2001

Against the backdrop of falling interest rates and a steady increase in local stock market activity, Emirates Bank Group (EBG) has unveiled two credit and market linked deposits. Both deposit schemes have principal and interest protected, and will be managed by Emirates Financial Services, an EBG subsidiary. One of the two schemes tracks the movement of the recent Dh1.5 billion bond floated by Emirates airline last July, and would raise secondary level activity on the bond. The Credit ...  >>MORE

UAE banking system under distorted media campaign: Al Suweidi

Posted on 24/10/2001

(WAM) The UAE Central Bank Governor has said that the banking system in the country is dealing with the recent world event and its financial aspect with total transparency and objectivity. 'We are publishing every detail that we have in this regard,' Sultan bin Nasir Al Suweidi said at a press conference he held here today. He pointed out that the banking system of the UAE and other sister Gulf countries were facing a distorted media campaign, aimed at tarnishing the good image of the banking ...  >>MORE

Banks too may have to record details of transferors of over Dh2,000

Posted on 22/10/2001

The UAE Central Bank is likely to direct the country's banks to maintain complete details of persons transferring equivalent or more than Dh2,000 in any currency outside the UAE. Sources said that the latest initiative from the Central Bank is part of the anti-money laundering drive by the UAE government. The apex bank had earlier directed all the exchange houses in the country to take details of persons remitting or transferring Dh2,000 or more in any other currencies. Bankers in the ...  >>MORE

Adib outlook rated stable for long term

Posted on 21/10/2001

Fitch IBCA has forecast the long-term rating outlook for Abu Dhabi Islamic Bank (Adib) as stable and has assigned 'A' long-term, 'F2' short-term and '2' support rating. "Adib is an Islamic bank, but competes with conventional banks in retail and corporate markets and provides a broad range of products that comply with Islamic Sharia as viable alternatives to conventional banking products," the bank quoted the rating agency yesterday. Fitch said the ratings reflect the bank's shareholding ...  >>MORE

DIB to finance new Internet City projects

Posted on 21/10/2001

Dubai Islamic Bank (DIB) has entered a first time Islamic financing arrangement with Dubai Internet City, which could eventually total Dh400 million. The first tranche will come to Dh190 million. Of this, Dh130 million will be used to finance construction of five new buildings at DIC. Work has already started on the third phase of expansion, and should be ready in March. A further Dh60 million will go for building 160 villas, which will form part of the DIC complex. The project financing ...  >>MORE

Abu Dhabi Group bids for UBL stake

Posted on 20/10/2001

The UAE-based Abu Dhabi Group is one of three consortia to have submitted detailed statements of qualification (SoQ) in the on-going privatisation of Pakistan's United Bank Ltd (UBL). The Abu Dhabi Group also has Alfalah Bank and the Beltway Group, according to informed sources. Headquartered in Karachi, Alfalah Bank is the renamed Habib Credit and Exchange Bank acquired by the Nahyan Group in 1999. HC&EB was until then a subsidiary of Habib Bank. The Pakistan Government continues to hold a ...  >>MORE

Kharbash says DIB has no terrorist funds

Posted on 18/10/2001

(WAM) A top Dubai Islamic Bank (DIB) official yesterday asserted that the bank does not have any accounts connected to any of the terrorism suspects named in the U.S. treasury list, 'Gulf News' reported today. 'To reconfirm the fact, the bank is checking out all facts behind charges made in a section of the Western media regarding accounts connected to alleged terrorists,' Dr Mohammed Khalfan bin Kharbash, Minister of State for Financial and Industrial Affairs and chairman of the bank, said ...  >>MORE

Suweidi sees fall in UAE banks' profits

Posted on 17/10/2001

Banks in the UAE may witness a drop in their profits for the current year, Sultan bin Nasser Al Suweidi, Governor of UAE Central Bank, hinted yesterday. If this happens, this will be the first time in recent history, that banks would see drop in their profits -year on year. "Despite the general slowdown in the economy, banks have been able to maintain the previous year's performance until September. However, this has been reversed, inevitably by the terrorist attack which took place on ...  >>MORE

Banks go slow on commercial lending

Posted on 15/10/2001

Some banks in the UAE are said to have adopted a watch-and-wait strategy on commercial lending in the wake of the September 11 developments in the U.S. Banks are reported to be shifting focus from large commercial lending to retail and personal lending. A top source confirmed that at least one foreign bank has decided to slow down in the domestic market. "Banks are weighing the aftermath of the U.S. incident and how it is going to affect exports, mainly re-exports from this part of the world," ...  >>MORE

Expats receive Dh50.1b credit

Posted on 03/10/2001

Total credit extended to non-residents by banks for the three-month period April-June 2001 amounted to Dh50.1 billion, according to a Central Bank report. Of the total amount, loans, advances and overdrafts stood at Dh46.73 billion, real estate mortgage loans at Dh72 million, and discounted commercial bills at Dh3.29 billion. The total credit advanced to residents amounted to Dh418.38 billion. Of this leans, advances and overdrafts were Dh375.71 billion, real estate mortgage loans, Dh29.21 ...  >>MORE

UAE banks' balance sheet grows 2.3pc

Posted on 30/09/2001

The aggregated balance sheet of commercial banks in the UAE has grown 2.3 per cent to Dh285.59 billion at the end of the second quarter of 2001, as compared to the first quarter, according to the latest statistical bulletin of the UAE Central Bank. While there has been a drop in net domestic credit, total foreign assets have posted a growth. Factors that contributed to the growth of the banks' balance sheet include cash and deposits with the Central Bank rising 6 per cent to Dh29.03 billion, ...  >>MORE

NBAD bank offers Internet payment card

Posted on 24/09/2001

The National Bank of Abu Dhabi (NBAD) has launched its first Internet payment card in a tie-up with MasterCard International. "With the introduction of [email protected], the bank is putting the customer at the heart of business," the bank said in a statement. Unlike traditional credit cards, this one comes with a low limit to keep associated risk to a minimum and can be obtained by everyone regardless of whether the person has an account with the bank. It is also available as a pre-paid card and can ...  >>MORE

ADIB launches SMS banking service

Posted on 18/09/2001

Abu Dhabi Islamic Bank (ADIB) has announced the successful launch of the first phase of mobile banking through its SMS Banking Service to become the first bank in the UAE to offer such a facility, an ADIB official said today. ' The SMS Banking service enables customers to receive the latest information on registered accounts by way of standing instructions or instant requests made through their mobile sets at anytime and from anywhere,' said Mohammed Al Qubaisi, Deputy CEO. He told reporters ...  >>MORE

Gulf investors may repatriate huge funds from US

Posted on 17/09/2001

Investments running into several hundred billion dollars in the U.S. by the UAE and other Gulf investors are likely to return home in view of the terrorist attack and fears of a freeze on assets, top bankers said yesterday. While UAE investors - high net worth individuals as well as institutional investors - are nervously awaiting the resumption of trading in New York's financial markets today, bankers and analysts predict only a temporary slump. GCC investments in the U.S. are estimated at ...  >>MORE

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Quick List

Banks line up for Dh1.3b term loan for Al Futtaim


DIB invests US$45m in two joint projects


UAE banks, exchange houses start transactions in Euro


UAE takes advantage of Euro


UAE set to reap euro advantage


UAE exchanges brace for Euro launch


Suwaidi rules out dirham link with Euro


EIB seeks extension of loan grace-period


NBAD ranked first among banks in the UAE


Central Bank reduces interest rates on certificates of deposit


Emirates Industrial Bank to lift capital to US$272million


Emirates Industrial Bank - National day 2001


FNC debates on Central Bank policy


Emaar Properties to open bank in 2002


NBAD fund posts steady growth


EMAAR to open bank in first half of next year


New NBD shares to be listed on December 1


UAE freezes 30 bank accounts


UAE banks put up good show in first nine months


Khalifa urges banking sector to embrace modern technology


Dubai Islamic Bank posts strong results


Rakbank reports Dh44.5m profit


Dubai Islamic Bank free of terrorist funds


ADIB, NIC in Dh150m financing agreement


Credit card spending in UAE market remains stable


UAE's credit rating top in region again


NBAD, Thuraya sign e-commerce pact


EBG unveils two new schemes


UAE banking system under distorted media campaign: Al Suweidi


Banks too may have to record details of transferors of over Dh2,000


Adib outlook rated stable for long term


DIB to finance new Internet City projects


Abu Dhabi Group bids for UBL stake


Kharbash says DIB has no terrorist funds


Suweidi sees fall in UAE banks' profits


Banks go slow on commercial lending


Expats receive Dh50.1b credit


UAE banks' balance sheet grows 2.3pc


NBAD bank offers Internet payment card


ADIB launches SMS banking service


Gulf investors may repatriate huge funds from US