In a clear indication of improving business conditions in UAE, the investor’s confidence in the country rose 26.4 points to stand at 108.9 points, according to the latest survey conducted by investment bank Shuaa Capital.
Financial uncertainty and defaults had pushed down the index for UAE to 82.5 points.
The timely repayment of dues of the Nakheel 2009 sukuk by GCC pushed investor’s confidence by almost 19 points; bring hopes of further growth in economy impacted by uncertain financial environment.
Abu Dhabi Islamic Bank - has introduced 24-hour services at its Abu Dhabi International Airport branch after getting necessary approvals from the UAE Ministry of Interior and the central bank of the country.
Terming the move as a need of the hour, Sameh Al-Awadallah, Head of Branches at ADIB informed, “This 24X7 banking initiative is an innovation worthy of being listed in the milestones of banking in the UAE.”
The UAE's 24 national banks and 28 foreign units hold the combined capital of Dh165.5 billion, which is the largest in the Arab World, according to the recently released official figures by the Arab Monetary Fund (AMF), a key Arab League institution.
The bank units reported around Dh35billion rise in their combined capital by 2008 end.
The figures for 2009 are not provided yet, but the shareholders equity of the 52 banks is believed to at nearly Dh211.7billion by the end of October as stated by the central bank of UAE.
The Central Bank of the United Arab Emirates has granted its nod to the world's biggest lender by market value, the Industrial and Commercial Bank of China to open its branch in Abu Dhabi. Chinese commercial lender is the first bank to get such nod from the authorities of Abu Dhabi central bank outside the Gulf area.
Roads have been cleared for the Bank of Nova Scotia to open its branch in Dubai, for dealing primarily in precious metals. The bank has been recently awarded license by the Dubai Financial Services Authority which has paved a way for the Toronto-based bank to have a branch in Dubai's international financial center.
Dubai World officials are meeting creditors to discuss debt repayment plan.
A media report quoting a participant said, “The possibility of repaying all bank loans in full was discussed as a medium-term possibility.”
The report also said that the meeting is meat to provide banks with information on Dubai world’s debt and the terms of support of the Government of Dubai.
Rating agency Moody's is expected to cut the rating of three banks in United Arab Emirates under the series of event that have taken place following the Dubai World's crisis. HSBC Bank Middle East may also see downgrading owing to uncertainties of loan recovery.
The agency said, "Moody's believes that despite the timely settlement of obligations falling due this week, the final form of the ongoing restructuring of the remaining debt owed by Dubai World has yet to be defined."
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