The Dubai Multi Commodities Centre (DMCC) has proposed that UAE Central Bank should take lead by introducing a legal tender gold coin which could be used as a vehicle to invest in pure gold. Such investment vehicles in the pure gold are already popular in Australia and South Africa under the Australian Nugget and South African Krugerrand.
The United Arab Emirates, putting rest on speculations, has ruled out any possibility of government injecting more liquidity in to the banks. The central bank Governor has made it clear that banks should not look for short term measures, given to their comparatively strong financial health.
UAE's top bank, the National Bank of Abu Dhabi (NBAD) has offered 442 UAE nationals with jobs in line with its policy to provide more opportunities to the people of UAE origin. According to current figures, UAE nationals account for 36 per cent of the total workforce of the bank.
It was today specified by Standard & Poor's Ratings Services that its 'BBB/A-2' long- and short-term counterparty credit ratings have been affirmed by it on Dubai-based Emirates Bank International PJSC (EBI) and National Bank of Dubai (NBD), which have been united into Emirates NBD PJSC.
The First Gulf Bank (FGB), owned by Abu Dhabi's ruling family, reported a record 10 per cent growth in the net profit for the full year in 2009. Its net profit stood at AED 3,310 million during the period, representing its traditions to deliver strong financial results every year.
Bahwan Contracting Company (BCC), a subsidiary of Bahwan Engineering Group, would construct the new headquarters of Oman Arab Bank (OAB) at Al Ghubra according to an agreement signed between the both firms. Rashad Al Zubair, Chairman, OAB and S K Virmani, MD, Bahwan Contracting Company signed the deal in the presence of officials from both sides.
UAE based Commercial Bank of Dubai (CBD) has announced financial figures for the year 2009, reporting 4 per cent rise in its net profit to $218 million as compared to AED771 million reported a year ago.
The bank reported 2.9% increase in total assets and 8.4 per cent rise in customer deposits pushing its total income during the year to AED1.8 billion.