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Goldman Sachs ups ratings on two Abu Dhabi banks

Goldman Sachs boosted ratings of two banks based in the UAE capital…

December 19, 2009 10:34 by



Goldman Sachs boosted ratings of two banks based in the UAE capital, the investment bank announced on Thursday.

Goldman Sachs raised First Gulf Bank from ‘neutral’ to ‘buy’, and National Bank of Abu Dhabi from ‘sell’ to ‘buy’, lifting the banks’ 24-month targets to AED27.54 and AED19.19 respectively.

“Dubai is deleveraging and ironing out the excesses it has accumulated over the years, effectively shifting UAE’s growth axis more towards Abu Dhabi,” said William Mejia Executive Director for new markets banks at the bank.

Meanwhile, Goldman Sachs downgraded Dubai-based banks Emirates NBD and Dubai Islamic Bank to ‘sell’ from ‘buy’ and ‘neutral’ ratings respectively, dragging down their 24-month targets to AED3.31 and AED2.20.



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