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Abu Dhabi government injects capital into banking sector

Abu Dhabi government injects capital into banking sector

Plus Deyaar puts 25 pc of projects on hold; NBAD and First Gulf Bank issue AED4 billion each to Abu Dhabi government; ADCB Q4 loss reaches AED140 million; Opec may impose further cuts

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February 5, 2009 12:00 by



Plus Deyaar puts 25 pc of projects on hold; NBAD and First Gulf Bank issue AED4 billion each to Abu Dhabi government; ADCB Q4 loss reaches AED140 million; Opec may impose further cuts

Abu Dhabi government injects capital into banking sector

Abstract: The Abu Dhabi government announced yesterday it will inject capital into the following banks…

The Abu Dhabi government announced yesterday it will inject capital into the following banks: Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, First Gulf Bank, National Bank of Abu Dhabi and Union National Bank, reports The National. Below is an excerpt of the government’s statement: <p>

<p> “Following a comprehensive review of the growth strategy of the Abu Dhabi banking sector, and in view of the economic ambitions of the Emirate of Abu Dhabi, the Government of Abu Dhabi, at its initiative, has decided to implement an action plan under which it will inject additional capital into the following Abu Dhabi financial institutions: Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, First Gulf Bank, National Bank of Abu Dhabi and Union National Bank.”<p>

<p> “Given current global economic conditions, the Government believes that this strategic initiative is an appropriate and proactive response to ensure that the strong confidence in Abu Dhabi’s financial institutions is further enhanced.” <p>

http://www.thenational.ae/article/20090204/BUSINESS/979290607/1133

Deyaar puts 25 pc of projects on hold

Abstract: Dubai-based developer Deyaar announced on Wednesday it will shelve more than 25 percent of its projects, as well as…

Dubai-based developer Deyaar announced on Wednesday it will shelve more than 25 percent of its projects, as well as offer its customers more flexible payment plans, reports the Xpress. <p>

<p> “The company will hold back the entire 25 per cent of the portfolio that is unannounced and not released for sale,” Deyaar said in a statement. <p>

<p>”It is important that Deyaar focuses its immediate attention on adjusting its product portfolio and aligning resources to accommodate changing market dynamics for the long-term growth and stability of the regional real estate sector,” said Markus Giebel, CEO of Deyaar. <p>

<p>Property owners who bought units in developments where construction hasn’t begun, or is still in the early stages can transfer ownership to other projects that “will be completed on a fast-track basis with the rest of the projects being phased out,” explained Deyaar’s statement.<p>

http://www.xpress4me.com/news/uae/dubai/20011750.html

NBAD and First Gulf Bank issue AED4 billion each to Abu Dhabi government

Abstract: The boards of the National Bank of Abu Dhabi (NBAD) and First Gulf Bank have agreed to issue…

The boards of the National Bank of Abu Dhabi (NBAD) and First Gulf Bank have agreed to issue Tier 1 capital notes amounting to AED 4 billion each to the Abu Dhabi government in its bid to inject capital in its financial institutions, according to statements released on Wednesday. <p>

<p>The notes will be issued to the government with an annual interest of 6 percent.<p>

<p>The issuance is subject to shareholder approval.  <p>

ADCB Q4 loss reaches AED140 million

Abstract: Abu Dhabi Commercial Bank’s (ADCB) fourth quarter results showed a loss of AED140 million, compared to…

Abu Dhabi Commercial Bank’s (ADCB) fourth quarter results showed a loss of AED140 million, compared to a AED475.3 million net profit during the same period in 2007, reports Arabian Business. The bank’s fourth quarter loss was calculated by Reuters from old financial statements.<p>

<p>The bank’s 2008 annual profit is AED1.36 billion, less than half of the net profits for the same period in 2007, AED2.085 billion, it revealed in a statement. However, it did not publish its quarterly results.<p>

http://www.arabianbusiness.com/545731-abu-dhabi-commercial-bank-posts-3812m-q4-loss

Opec may impose further cuts

Abstract: Opec is poised to announce further cuts to oil outputs, its fourth cut since September 2008, in order to…

Opec is poised to announce further cuts to oil outputs, its fourth cut since September 2008, in order to combat the first drop in demand in more than 20 years, reports Reuters. The organization may decide to cut up to one million barrels per day at their meeting in Vienna on March 15. <p>

<p>A cut of around 1 million barrels per day (bpd) could be discussed by the organization’s ministers at their March 15 meeting in Vienna, an Opec source told Reuters. <p>

<p>”We’re coming up to the second quarter when demand will drop even further,” said an OPEC delegate to Reuters. “But the big question is the economy. If it starts to revive, or at least does not slow further, it will help demand.” <p>

http://www.reuters.com/article/ousiv/idUSTRE5133IS20090204



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