Ramesh Cidambi has been named as new Managing Director with Salah Tahlak as Deputy Managing Director
Core banking operating revenues exceeded investor expectations despite the booking of higher loan loss provisions. These results indicate that there is potential for improved bank earnings for the second half of 2009, Rasmala, a Dubai-based regional investment bank said. The UAE was the best performing market in July while Egypt continues to be the best performing Arab market so far this year.
The MSCI UAE Index gained 10.1 per cent driven by Abu Dhabi-based banks, which reported stronger than expected results despite a higher allocation of loan provisions. S&P lowered its credit ratings to three Dubai based banks - Emirates National Bank of Dubai, Mashreq Bank and Dubai Islamic Bank, because of the sharp correction in the real estate market increasing risks for Dubai’s economy and presenting additional challenges for the banks. UAE second quarter results were impacted by above average loan provisions and a once off write down by Emaar Properties. This provides an opportunity for a potential earnings recovery in the second half of 2009.
Globally, the S&P 500 gained 7.4 per cent in July as corporate results also surpassed expectations. This is the fifth consecutive monthly gain by the S&P 500. Approximately 75 per cent of the 148 companies in the S&P 500 that released second-quarter results exceeded investor estimates. However, overall the companies in the S&P 500 can still expect a record eighth consecutive decline in quarterly profits.
In Saudi Arabia, several banks increased their loan loss provisions in Q2 09 amid concerns over the solvency levels of two heavily indebted Saudi conglomerates. Kuwait was the second worst performing market in July as it fell by 5 per cent. The Omani market gained 4.2 per cent in July with Bank Muscat and Omantel leading the gains with 6.5 per cent and 6.2 per cent respectively.
Ramesh Cidambi has been named as new Managing Director with Salah Tahlak as Deputy Managing Director
The group’s hospitals continued to be a core driver of its performance, with net profit from these businesses jumping more than 31 per cent to Dh137 million
The airport will have a passenger capacity of 260 million per annum and fully absorb Dubai airport operations
The investment has become attractive as the rupee has weakened against the US dollar
Middle-East grown interiors brand opens two new store locations
Digital bank by Emirates NBD to incubate digital asset innovations
Despite geopolitical tensions, the Emirates will continue to attract foreign investment by offering a stable economy and investor-friendly rules
The plant will address the rising demand for high-quality fertilisers