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Hussain Ahmad al-Qemzi

Hussain Ahmad al-Qemzi

The CEO of Dubai-based Noor Islamic Bank is closely linked with the emirate’s most powerful people.

February 3, 2010 8:14 by

The first branch of NIB was inaugurated by Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum in January 2008, and among the huge VIP gathering was al-Qemzi. NIB is partly owned by the Dubai government, and in June last year, said that it had received a portion of the emirate’s $10 billion bailout bond in the form of deposits.

While the UAE’s banks have already received AED120 billion from the government since 2008, they still need more financial help from the government, al-Qemzi said this week. “The banking sector in the UAE needs continued capital injection,” he told The National on Tuesday.  “I can say we need another AED20 billion to AED25 billion.”

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