A unique four-day event will be organized by Emirates NBD, the largest banking group in the Middle East in terms of assets; as a part its sponsorship of the Dubai Shopping Festival (DSF). Under this event, the group will offer its customers a chance to ride in hot-air balloon, free of cost, thus giving them panoramic views over Dubai.
The US bank J. P. Morgan has inaugurated its new office in Abu Dhabi this week for pushing its operations in the United Arab Emirates. The lender is expected to make optimum use of the location which is a business, political and financial hub of the UAE.
The FTSE 100 continued with gain for the fourth day in a row despite discouraging public finance data. The day remained stronger for Barclays which rose 18 per cent during the week.
The bank failed to do well in the initial hours but overall scenario changed in the second half when the index rose 48.45 points to 5,325 mainly led by miners.
The Abu Dhabi Islamic Bank (ADIB), a leading bank in Emirates, has announced its financial figures for the year 2009 reporting an operation profit of 1,527 million UAE dirhams amid economic uncertainties due to global financial crisis. The bank reported 25.1 per cent rise in its total assets that stood at 64.1 billion dirhams.
Rise in impairment charges and volatility in the financial market made the Dubai Islamic Bank PJSC to post fall in its full year net profit. The bank, which is the largest Islamic lender of the United Arab Emirates, said in a filing before the Dubai bourses, that its net income for the period stood at 1.2 billion dirhams.
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.
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