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Khaleej Times
ABU
DHABI — The Central Bank of the UAE has sought views from banking industry
on the regulation on personal loans and other retail customer service.
The joint meeting of the board of directors of the Central
Bank of the UAE and recently setup the International Advisory Council, a
consultative body was held in the capital on January 11 and 12 and
discussed the proposal in detail. “The board
instructed redistribution of the regulation to banks operating in the
country to obtain their comments after the amendments to the regulation
were proposed by members of the International Advisory Council”, said a
press release by the Central Bank of the UAE, issued on Sunday.
Professor Robert Mundell, Dr David Dodge, Dr Joseph Yam and Sir John
Bond, who are members of the International Advisors Council attended the
meeting that discussed several issues facing the banking, financial and monetary
systems in the UAE. The meeting was held under the chairmanship of Khalil
Mohammed Sharif Foulathi, and was attended by Khalid Juma Al Majid, Deputy
Chairman of the board, Sultan bin Nasser Al Suwaidi, the Governor, Younis
Haji Khoori director general of the Ministry of Finance. Others who
attended the meeting included Mubarak Rashid Al Mansouri, Khalid Ahmed
Altayer, Khalid Mohammed Salem Balama. The Deputy Governor Mohamed Ali bin
Zayed Al Falasi and senior staff also took part in the meeting.
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The National
Gulf
General Investment Company (GGICO) is to delay its US$300 million (Dh1.1
billion) bond sale by up to three months because the cost of issuing debt
is too high, says an executive at the company. "We've spoken to our
bankers and they have said it is not the right timing," said Ashish
Oommen, a finance manager at GGICO. "International investors are still
not on board and it's too expensive to tap into the market now." The
Dubai conglomerate, which has interests in property, transport, tourism and
financial services, planned to issue the bond by the end of last year, but
has now set a timetable for the end of the first quarter. The company
mandated Deutsche Bank, HSBC Holdings and Standard Chartered Bank to act as
joint lead managers and bookrunners on its bond sale, which was to be used
for general corporate purposes and trim short-term debt. In November, the
ratings agency Moody's Investors Services assigned a "B1" rating
to the proposed debt issue, with a "negative outlook". Several companies
in the region are also thinking of postponing debt offerings because of
high prices. Companies that borrow money from international investors
through bond sales want to keep the interest rates they pay as low as
possible, but they also want to ensure that appetite for the debt is
strong.
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Emirates 24|7
Emirates NBD remained the largest
Arab bank in terms of assets for the third consecutive year at the end of
2009 while the UAE maintained its position as having the biggest banking
sector in the region. According to the Beirut-based Union of Arab Banks
(UAB), which groups nearly 470 financial institutions in the Arab world,
the UAE also has the largest number of banks in the region to be included
in the list of the world’s top 1000 banks. In a study about the largest 100
Arab banks, UAB again ranked the Dubai-based Emirates NBD number one in the
Arab region in terms of assets, which peaked at nearly $76.7 billion at the
end of 2009. It was also the top bank in terms of loans, which totalled
around $53 billion by the end of 2009, and in shareholders equity, which
stood at $8.7 billion. Saudi Arabia’s National Commercial Bank (NCB) came
second, with assets of around $68.5 billion and loans and shareholders
equity of nearly $29.9 billion and $8.22 billion respectively. But it
topped the list in terms of deposits, which totalled nearly $54 billion at
the end of 2009, the figures showed.
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Emirates 24|7
As the market for sukuk kicks off,
experts are once again betting on the UAE’s potential to become the centre
of sukuk issuances in the world. But to become one, a mount of obstacles
need to be removed first. Currently, Malaysia still dominates the sukuk market.
Sukuk issuance in Malaysia makes up nearly three-fourths of the entire
sukuk market in the first nine months of 2010. But the UAE has the
necessary elements to be the centre of Mena and global Islamic bond
issuances, a report from Dubai Chamber, said. For one, the UAE is
strategically located to bridge the financing gaps thank to its proximity
to wealthy Arab states. It can also bridge the West and the East thanks to
its favourable time zone. In addition, Dubai has the first-mover advantage
in terms of sukuk trading regime through Nasdaq Dubai where a sukuk can be
listed through a simplified process. Dubai’s new and advance infrastructure
also allows it to facilitate financial services efficiently. Islamic bonds
have gained prominence in the UAE lately as the demand for investment
vehicles in conformance with Islamic laws has met issuance by government
and corporate entities.
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Khaleej Times
ABU
DHABI — His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President
and Prime Minister of the UAE and Ruler of Dubai, on Sunday, chaired the
Cabinet meeting held at the Presidential Palace here. Lt
General Shaikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister
of Interior, and Shaikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister
and Minister of Presidential Affairs were also
present.
The Council of Ministers discussed a number of issues, and endorsed
the general objectives of strategic plans of the ministries and federal
authorities for year 2011 to 2013. The Cabinet endorsed the final account
of Zakat Fund and endorsed a number of agreements signed by the UAE with
other countries in the area of security. It was also briefed about
the resolutions of the Federal National Council on setting the policies of
the Ministry of Finance and the General Authority of Civil Aviation in the
country. It also ratified the Memorandum of Understanding signed between
the UAE and the Republic of Azerbaijan on mutual exemption of holders of
the diplomatic passports in both countries from entry visa. The
Council of Ministers approved the signing of air transport agreement
between the UAE and Portugal .
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Gulf News
Abu
Dhabi: A number of topics were discussed and approved in a cabinet meeting
yesterday. His Highness Shaikh Mohammad Bin Rashid Al Maktoum,
Vice-President and Prime Minister of the UAE and Ruler of Dubai, chaired
the meeting, which discussed a number of topics on its agenda. Shaikh
Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of
Presidential Affairs, Lieutenant General Shaikh Saif Bin Zayed Al Nahyan,
Deputy Prime Minister and Minister of Interior, were present. The Cabinet
approved the general objectives for the 2011-2013 strategic plans of the
ministries and federal government departments. It also reviewed the
proposal raised by the Federal National Council regarding setting the
policies of the Ministry of Finance and the General Authority of Civil
Aviation.
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