Good time to make acquisitions; says Dubai bank CEO
Saturday saw the head of Mashreq bank, Abdul Aziz Al-Ghurair commenting that it seems that the United Arab Emirates has passed through the worst of the global financial crisis and presently, it is quite a good time to make acquisitions.
Al-Ghurair, who interacted with reporters on the sidelines of the World Economic Forum in Jordan, said that he feels they have reached the bottom and the worst is behind them. He added that though they are not sure how long this will last, however they have stabilized.
The bank had put acquisitions on the backburner for last six months to concentrate on its existing business and in April it initiated retail operations in Egypt with 10 branches with a capital outlay of 560 million pounds ($99.4 million).
Ghurair expressed that the bank had no immediate plans for buyouts and informed, "It has never been a better time for any acquisition ... this is the time to do an acquisition because valuations have come down quite dramatically."
In the first-quarter this month, a 4% rise was posted by Mashreq, which raised provisions to help it weather the financial crisis.
It was specified by Ghurair that a lot of help was provided to bank by measures taken by the government and central bank to improve banking sector liquidity, including 120 billion dirhams ($32.67 billion) in funding facilities.
The 2008 profit for Mashreq plunged 13.7 percent to 1.64 billion dirhams.
New Zealand News
- Tesla offering new discounts & perks in China amid negative press
- Electric Vehicle Council slams Victoria Government for proposed punitive mileage tax on electric cars
- Chinese EV brand Ora unveils VW Beetle-inspired electric car Punk Cat
- Swapping personal car for e-bicycle saved over $50,000 in just 7 years: San Francisco woman
- Hyundai Motor Corp to create ultra-fast EV charging network E-pit in Korea
- Tesla pockets roughly $101 million in profit from sale of some of its bitcoins
- Norway’s ICE car sales decline as buyers making shift to EVs
- Pursang launches Retro-inspired E-Track Motorcycle for Euro 14,449 in Netherlands
- ElectReon successfully tests dynamic wireless EV charging system on public road in Sweden
- Volvo to design special Gothenburg Green City Zone for autonomous & related technologies