2.54 PM Thursday, 28 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:57 06:11 12:27 15:53 18:37 19:51
28 March 2024

Dubai Bank’s takeover to strengthen banks

Published
By Staff

A decision by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for the takeover of Dubai Bank by Emirates NBD (ENBD) will further boost the country’s already strong banking sector and reassure depositors, according to analysts.

The move is also a strong message that the UAE government will continue its support for the banking sector to protect it against any crisis, they said.

One expert also said the takeover is another effective move to strengthen ENBD, the largest bank in the Middle East by assets.

Following are excerpts of the comments published in the Sharjah-based Arabic language daily Al-Khaleej. 

Majid Saif Al Ghurair, a prominent UAE businessman:”His Highness’s decision is a very significant move at the current stage to bolster UAE banks and protect them from the ongoing global fiscal turbulence…it is a step of strategic proportions as it will stabilize the financial sector and also constitutes a strong message that the government will not stand idle in crisis.” 

Ali Rashid Lootah, Chairman of Nakhleel Properties :”Of course the entire banking sector will benefit from this decision, which is in the right direction…it reflects His Highness’s far-sighted policy and concern in achieving the public interest and also demonstrates the commitment of the Dubai government towards the banks in the emirate.” 

Ahmed Balhasa, chairman of the UAE contractors’ association, :”It is absolutely a wise decision which assures all of us…it also reflects His Highness’s keen interest to follow up the local economic conditions and present solutions that will serve the overall economy of the UAE…there is no doubt the takeover will largely support Dubai Bank and put it back on the right direction. 

Henry Azzam, CEO of Deutsche Bank in Middle East and North Africa, :”The takeover surely constitutes a factor of reassurance for depositors and at the same will bolster Dubai Bank and the UAE banking sector in general….it will also expand ENBD’s market share in the Islamic banking services.” 

Abdullah al Habtour, chairman of Alhabtour Trading Group, :”This move is within His Highness’s keenness to launch initiatives to boost economic and financial sectors in the UAE…the takeover will certainly lend strong support for the country’s banking sector and create bigger banking units capable of facing internal and external shocks and shouldering their role in developing the domestic economic by injecting sufficient liquidity in local sectors.” 

Rajaei Ayyashi, CEO of BNY Mellon Bank, :”It is a very important decision and an effective move in efforts to further strengthen ENBD in particular and the country’s banking sector in general….this move will allow ENBD to expand its business and boost its competitiveness locally, regionally and globally. 

Mohammed Al Nuaimi, CEO of Mawarid Finance Group,:”These decisions taken by His Highness now and then serve the domestic economy, public interests, and the citizens…we are now more optimistic about the future of our banking sector despite the current fiscal upheaval in global markets…