Dh70bn injection praised

The UAE government's decision to pump liquidity into the country's financial sector on an immediate basis has been well received by banks and financial institutions.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, ordered the transfer of Dh70 billion ($19bn) to the Ministry of Finance in order to inject it into the financial sector.

Abdullah Al Hamli, Dubai Islamic Bank CEO, said in a statement: "The wise leadership of the UAE continues to take all necessary measures and provide the required guarantees to support the banking and financial sector in the UAE."